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Obion County eligible for disaster loan assistance

Obion County eligible for disaster loan assistance

Posted: Monday, December 8, 2008 9:10 pm

 

Obion County is among 14 Tennessee counties eligible for federal economic injury disaster loans due to drought and high winds that began over the summer. The federal economic injury disaster loans are available to small businesses, small agricultural cooperatives and most private non-profit organizations of all sizes located in Tennessee as a result of drought and high winds that began June 1 and continuing, according to the U.S. Small Business Administration. The loans are available in Obion, Lake, Weakley and Henry counties in northwest Tennessee, as well as Campbell, Claiborne, Clay, Macon, Montgomery, Pickett, Robertson, Scott, Stewart and Sumner counties. “These counties are eligible because they are contiguous to one or more primary counties in the Commonwealth of Kentucky,” said Frank Skaggs, director of SBA Field Operations Center East. “The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included.” “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 assist small businesses and most private non-profit organizations affected by the same disaster,” he added. Under the declaration, the SBA’s Economic Injury Disaster Loan program is available to farm-related and non-farm-related small business concerns, small agricultural cooperatives and most private non-profit organizations of all sizes that suffered financial losses as a direct result of this disaster. Farmers and ranchers are not eligible to apply to SBA, but nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions. Eligible small businesses and non-profit organizations may qualify for loans up to $2 million. These loans are available at a 4 percent interest rate with loan 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. Under the disaster declaration, the SB cannot provide loans to agricultural producers. Disaster victims should contact the SBA’s Customer Service Center by calling 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Mondays through Fridays from 7 a.m.-8 p.m. and Saturdays and Sundays from 8 a.m.-8 p.m. CST or by e-mailing the customer service center at disastercustomer service@sba.gov. Loan applications may be downloaded from the SBA’s Web site at www.sba.gov/ services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. Victims may visit the SBA’s secure Web site at https://disasterloan.sba.gov/ela/ to apply for disaster loans. Completed applications must be returned to the SBA no later than July 1, 2009. Published in The Messenger 12.08.08

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