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TN 13997 - SBA Opens Disaster Loan Outreach Center in Lincoln County
ATLANTA – The U.S. Small Business Administration announced the opening of a Disaster Loan Outreach Center today. Tennessee residents and businesses affected by the severe storms, tornadoes and flooding on April 27 - 29 can meet with the SBA Customer Service Representatives to apply for a low-interest disaster loan.
The declaration covers Lincoln County, and the adjacent counties of Bedford, Franklin, Giles, Marshall and Moore in Tennessee, and Limestone and Madison in Alabama.
The Center is located in the following community and is open as indicated:
Lincoln County Emergency Operations Center
414 Jay Street
Fayetteville, TN 37334
Opens: Wednesday, May 28 at 8 a.m.
Hours: Wednesday, May 28 through Friday, June 6 from 8 a.m. to 5 p.m.; Saturday, May 31 from 9 a.m. to 4 p.m. (closed Sunday)
Closing: Friday, June 6 at close of business
Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.188 percent for homeowners and renters, 2.625 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Individuals and businesses may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing firstname.lastname@example.org. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is July 21, 2014. The deadline to return economic injury applications is February 20, 2015.
Tuesday, May 27, 2014 - 4:00am
Field Operations Center: