SBA Loans Available In Tennessee To Help Those Affected By Flooding
ATLANTA, Ga. (WTVF) – On Thursday, the U.S. Small Business Administration announced that economic disaster loans are available in Tennessee for small businesses, small farmer co-operatives, small aquaculture businesses, and purpose-driven organizations. private nonprofits that were affected by excessive rains and flooding from March 28 through April 8 of this year.
The loans will be available in the following counties: Dickson, Hickman, Humphreys, Lewis, Maury, Perry and Williamson.
Ken Fleming, director of SBA’s Field Operations Center East, said this:
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damage and crop loss, the Small Business Administration issues a declaration to eligible entities affected by the same disaster.”
The SBA Economic Disaster Loan Program is available to eligible agricultural and non-agricultural entities that have suffered financial losses as a direct result of this disaster.
With the exception of aquaculture companies, the SBA cannot grant disaster loans to agricultural producers, farmers and ranchers.
The loan amount can be up to $ 2 million with interest rates of 3% for small businesses and 2% for private nonprofits of all sizes, with terms of up to 30%. years.
The SBA determines eligibility based on the applicant’s size, type of activity, and financial resources.
Working capital loans can be used to pay off fixed debts, payroll, accounts payable, and other bills that might have been paid had the disaster not occurred.
They are not meant to replace lost sales and profits.
Applicants can apply here for disaster loan assistance.
They can also receive information and applications by calling 1-800-659-2995 or sending an email to [email protected]