KNOXVILLE, Tenn. (WATE) — Low-interest disaster loans are available for Tennessee businesses and residents who were affected by wind, severe weather and/or wildfires from March 30-April 6, according to a press release from the U.S. Small Business Administration.
The loans were made available by SBA Administrator Isabella Casillas Guzman following a letter from Governor Bill Lee, who requested a disaster declaration.
The loans are for homes and businesses damaged in the March 30 wildfires in the Wears Valley area as well as the more recent flash flooding and severe weather. Businesses and residents in Sevier, Knox, Blount, Cocke and Jefferson counties are eligible to apply for low interest disaster loans as well as Haywood and Swain Counties in North Carolina, according to the news release.
“The SBA is strongly committed to providing the people of Tennessee with the most effective and
customer-focused response possible to assist businesses of all sizes, homeowners and renters with
federal disaster loans,” said Guzman in the news release. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
A Disaster Loan Outreach Center is opening at King Family Library in Sevierville, 408 High Street, beginning Thursday, July 21. The center will be open from noon to 7 p.m. to help businesses and residents affected by the disaster. The center will remain open through Thursday, Aug. 4, at 5 p.m.
The center will be open:
- Mondays, Tuesdays, Wednesdays and Fridays from 10 a.m.-6 p.m.
- Thursdays from 10 a.m., closing at 7 p.m. on July 28, and 5 p.m. on Aug. 4.
- Saturdays from 10 a.m.-2 p.m.
- The center will be closed on Sundays.
Businesses and private nonprofit organizations are eligible to borrow up to $2 million, and homeowners are eligible to borrow up to $200,000, according to the news release and fact sheet.
Interest rates may be as low as 2.94 percent for businesses, 1.875 percent for nonprofit organizations and 1.438 percent for homeowners and renters, with loan terms up to 30 years. Applicants are required to have a credit history that is acceptable to the SBA, must show their ability to repay the loans, and collateral may be required for loans over $25,000.
A representative at the center will be available to answer questions about the program and to help individuals complete their applications.
Additional information is available about the loans here.
Applicants may apply online using the SBA’s Electronic Loan Application under declaration #17532.
To receive the disaster loan information and application forms, call the SBA’s Customer Service Center at 800-659-2955 or send an email to DisasterCustomerService@sba.gov. For those who are deaf, hard of hearing or have a speech disability, dial 7-1-1 to access the telecommunications relay services.
Loan applications can also be downloaded from sba.gov/disaster.
Completed applications should be mailed to the 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 Sept. 19, 2022, and economic injury applications must be returned by April 20, 2023.