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SBA Economic Injury Disaster Loans Available in Tennessee


Following Secretary of Agriculture Disaster Declaration for Drought

ATLANTA - The U.S. Small Business Administration (SBA) announced today that federal Economic Injury

Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in

aquaculture and private nonprofit organizations located in Tennessee as a result of the drought that began on

Oct. 18, 2016.

This disaster declaration includes the following counties: Anderson, Bledsoe, Cumberland, Fentress, Knox,

Loudon, McMinn, Meigs, Morgan, Putnam, Rhea, Roane, Van Buren and White in Tennessee.

“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and

losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the

same disaster,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible

farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With

the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers,

farmers, or ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by

drought conditions.

The loan amount can be up to $2 million with interest rates of 2.625 percent for private nonprofit

organizations and 4 percent for small businesses, with terms up to 30 years. The SBA determines eligibility

based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are

set by the SBA and are based on each applicant’s financial condition. These working capital loans may be

used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster

not occurred. The loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at


Disaster loan information and application forms may also be obtained by calling the SBA’s Customer

Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to

disastercustomerservice@sba.gov. 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.

Completed loan applications must be returned to SBA no later than June 26, 2017.

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