Low-interest disaster loans from the U.S. Small Business Administration (SBA) are now available to businesses and residents in Tennessee affected by severe storms, straight-line winds, and tornadoes from March 31 through April 1, 2023.
The Presidential disaster declaration covers Cannon, Hardeman, Hardin, Haywood, Lewis, Macon, McNairy, Rutherford, Tipton, and Wayne counties in Tennessee, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in 25 adjacent counties can apply for SBA Economic Injury Disaster Loans (EIDLs).
Disaster survivors should not wait to settle with their insurance company before applying for a disaster loan. The SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.
A Business Recovery Center (BRC) opened on April 11 at Dyersburg State Community College in Covington. SBA Customer Service Representatives at the BRC will assist business owners and residents in filling out a disaster loan application, accept documents for existing applications, and provide updates on an application’s status. The center will operate Monday to Thursday from 8 a.m. to 6 p.m., Friday from 8 a.m. to 5 p.m., and Saturday from 9 a.m. to 3 p.m. until further notice. The BRC is located at the Learning Resource Center and Student Center, Room 183, 3149 Highway 51 S., Covington, TN, 38019.
SBA Administrator Isabella Casillas Guzman emphasized the agency’s commitment to providing federal disaster loans swiftly and efficiently to help businesses and communities recover and rebuild. The loans will assist businesses and residents in addressing the damages from the recent storms, straight-line winds, and tornadoes.
This article, “SBA Offers Disaster Assistance to Tennessee Businesses and Residents Affected by Recent Severe Storms and Tornadoes” was first published on Small Business Trends