SBA's Deadline for Physical Damage Disaster Loan Applications in Tennessee is July 21

ATLANTA, June 23, 2014 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations located in Bedford, Franklin, Giles, Lincoln, Marshall and Moore counties in Tennessee, and Limestone and Madison counties in Alabama of the deadline to submit disaster loan applications for damages caused by the severe storms, tornadoes and flooding on April 27-29, 2014.  The deadline to file an application for physical damage is July 21, 2014.

The SBA offers loans up to $200,000 to repair disaster damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture, appliances and clothing. Loans to businesses of all sizes and non-profit organizations are available up to $2 million to repair damage to real estate, machinery, inventory and equipment.

SBA Economic Injury Disaster Loans (EIDLs) are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes to help meet working capital needs caused by the disaster.  EIDL assistance is available regardless of whether the business suffered any property damage.

Interest rates are as low as 2.188 percent for homeowners and renters, and 2.625 percent for
non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant's financial condition.

Additionally, disaster survivors with insurance should not wait for an insurance settlement before applying to the SBA.  If survivors do not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan. 

The SBA also offers mitigation funds to disaster survivors based on 20 percent of the verified physical damage.  These funds are designed to help borrowers pay for protective measures which may prevent damages of the same kind in the future.

Applicants may apply online using the Electronic Loan Application via SBA's secure website at https://disasterloan.sba.gov/ela. 

Individuals and businesses may obtain information and loan applications by calling the SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to [email protected].  Loan applications can be downloaded from the SBA's website at www.sba.gov/disaster. Completed applications should be 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 July 21, 2014.  The deadline to return economic injury applications is February 20, 2015.

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.

Contact: Michael Lampton
Email: [email protected] 
Phone: (404) 331-0333

Release Number: 14-275 TN 13997/13998

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SOURCE U.S. Small Business Administration

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