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$50M in Tennessee disaster loans OK’d

$50M in Tennessee disaster loans OK’d

Posted: Wednesday, June 9, 2010 8:01 pm
By: NASHVILLE

NASHVILLE — More than $50 million in U.S. Small Business Administration disaster assistance loans has been approved for those affected by the severe storms and flooding that struck Tennessee between April 30 and May 18.
“We are pleased to continue approving these loans so the residents and businesses of Tennessee can rebuild and resume their normal lives,” said Frank Skaggs, director of SBA Field Operations Center East in Atlanta. “Currently, 1,179 disaster loans have been approved in the amount of $53.8 million.”
Those affected by the recent storms can register for assistance with the Federal Emergency Management Agency by calling 800-621-FEMA (3362) or TTY 800-462-7585 for the speech and hearing impaired from 7 a.m. to 10 p.m. Online registration is also available any time at www.DisasterAssistance.gov.
“This milestone is an example of the partnership between FEMA and SBA,” said Federal Coordinating Officer Gracia B. Szczech. “Working with SBA is one of the ways FEMA helps survivors continue to recover.”
If you were sent an SBA loan application, it must be completed and returned to be considered for certain federal grants. The deadline to return the SBA application and register with FEMA is July 6.
Most of the money for repairs and replacement of damaged real estate and personal property following a disaster typically comes from low-interest SBA disaster loans.
Loan amounts and terms are determined on a case-by-case basis. Interest rates as low as 2.75 percent for homeowners and renters — and as low as 4 percent for businesses — are available.
Homeowners can borrow up to $200,000 to repair or replace their primary residence. Homeowners and renters can borrow up to $40,000 to replace personal property.
Business owners can borrow up to $2 million to repair or replace disaster-damaged real estate, machinery and equipment, inventory and other business assets. SBA also provides small business owners economic injury loans for ongoing businesses expenses to recover from the economic impact of a disaster. These economic injury disaster loans are available even if the businesses didn’t sustain physical damages from flooding.’
Published in The Messenger 6.9.10

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