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SBA Economic Injury Disaster Loans Available in Tennessee

SBA Economic Injury Disaster Loans Available in Tennessee

Following Secretary of Agriculture Disaster Declaration

ATLANTA - The U.S. Small Business Administration announced today that 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 excessive rain, high

winds and hail on April 22, 2017.

The loans are available in the following counties: Bedford, Franklin, Giles, Lincoln, Marshall and Moore

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.

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 and ranchers.

The loan amount can be up to $2 million with interest rates of 2.5 percent for private nonprofit

organizations of all sizes and 3.215 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 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.

Submit completed loan applications to SBA no later than Feb. 21, 2018.


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