Time Running Out For Storm Damage Assistance, Deadline June 10
ROBERTSON COUNTY, TENNESSEE: (Smokey Barn News) – In response to a Presidential disaster declaration issued April 10, the U.S. Small Business Administration (SBA) announced the availability of low-interest disaster loans for Tennessee businesses, nonprofits, and residents affected by severe winter storms occurring Jan. 22 – 27.
According to the SBA, applications related to the January 22-27 severe winter storm disaster must be submitted by June 10.”
The declaration covers Tennessee primary counties of Benton, Carroll, Cheatham, Chester, Clay, Davidson, Decatur, Dickson, Dyer, Fayette, Hardeman, Hardin, Henderson, Hickman, Lewis, Macon, Madison, Maury, McNairy, Montgomery, Perry, Robertson, Rutherford, Shelby, Sumner, Trousdale, Wayne, Williamson, and Wilson, which are eligible for both Physical damage loans and Economic Injury Disaster Loans (EIDLs) from the SBA.
Businesses and nonprofits are eligible to apply for business physical disaster loans. They may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence. 
Applicants may also be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
Interest rates are as low as 4% for businesses, 3.625% for PNPs, and 2.875% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
“SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face-to-face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”
With many disaster recovery centers across TN scheduled to close on June 6, we encourage anyone who may need assistance with the application process to visit a center as soon as possible while in-person help remains available.
