Wilson County residents and businesses affected by the severe storms and flooding on Aug. 8-9 can apply for low-interest disaster loans from the U.S. Small Business Administration, according to administrator Karen G. Mills.
Mills made the loans available in response to a letter from Gov. Bill Haslam on Aug. 20, requesting a disaster declaration by the SBA. The declaration covers Davidson County and the adjacent counties of Cheatham, Robertson, Rutherford, Sumner, Williamson and Wilson.
“The SBA is strongly committed to providing the people of Tennessee with the most effective and customer-focused response possible to assist homeowners, renters, and businesses of all sizes with federal disaster loans,” said Mills. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
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. SBA’s customer service representatives will be available at the disaster loan cutreach center to answer questions about the disaster loan program and help individuals complete their applications.
The center will be set up through Wednesday from 10 a.m. until 7 p.m. on weekdays and Saturdays from 8 a.m. until noon. The center will be Hartman Regional Community Center at 2801 Tucker Road in Nashville.
“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,” said Walter Perry, SBA’s Tennessee district director.
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 nonprofit organizations of all sizes, the SBA offers economic injury disaster loans 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 1.937 percent for homeowners and renters, 2.875 percent for
nonprofit 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 at https://disasterloan.sba.gov/ela.
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 Oct. 25. The deadline to return economic injury applications is May 26.