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SBA Offers Disaster Assistance to Residents of Tennessee Affected by Severe Thunderstorms, Tornadoes, Wind and Hail

SBA Offers Disaster Assistance to Residents of Tennessee

Affected by Severe Thunderstorms, Tornadoes, Wind and Hail

WASHINGTON – Tennessee businesses and residents affected by severe thunderstorms, tornadoes,

wind and hail on Nov. 29 - 30, 2016 can apply for low-interest disaster loans from the U.S. Small

Business Administration.

The loans are available in response to a letter from Gov. Bill Haslam on Jan. 30, requesting a disaster

declaration by the SBA. The declaration covers McMinn County and the adjacent counties of

Bradley, Loudon, Meigs, Monroe, Polk and Roane in Tennessee.

“The SBA is strongly committed to providing the people of Tennessee with the most effective and

customer-focused response possible to assist businesses of all sizes, homeowners and renters with

federal disaster loans,” said SBA’s Tennessee District Director LaTanya Channel. “Getting businesses

and communities up and running after a disaster is our highest priority at SBA.”

SBA’s customer service representatives will be available at the Disaster Loan Outreach Center to

answer questions about the disaster loan program and help individuals complete their applications.

The Center is located in the following community and is open as indicated:

McMinn County

McMinn County Courthouse

6 East Madison Ave.

Athens, TN 37303

Opening: Tuesday, Feb. 7

Hours: 10 a.m. to 6 p.m.

Days: Monday – Friday, 9 a.m. to 6 p.m.

Saturday, Feb. 11, 9 a.m. to 1 p.m.

Closed: Sunday, Feb. 12

Closing: Thursday, Feb. 16

9 a.m. to 3 p.m.


Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace

disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business


For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and

most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet

working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available

regardless of whether the business suffered any physical property damage.

Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real

estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or

destroyed personal property.

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as

verified by the SBA for mitigation purposes. Eligible mitigation improvements may now include a

safe room or storm shelter to help protect property and occupants from future damage caused by a

similar disaster.

Interest rates are as low as 3.125 percent for businesses, 2.5 percent for nonprofit organizations, and

1.5 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by

the SBA and are based on each applicant’s financial condition.

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


Businesses and individuals may also 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

emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at

www.sba.gov/disaster. Completed applications should be returned to the center or mailed to: U.S.

Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road,

Fort Worth, TX 76155.

The filing deadline to submit applications for physical property damage is April 3, 2017. The deadline

for economic injury applications is Nov. 1, 2017.

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Leadership University Accepting Applications