Nashville, TN

Small Business Administration offers low-interest loan for flood victims

Kelleigh Michanichou

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NASHVILLE, TN - Following the announcement of a Presidential disaster declaration due to severe storm and flooding on Aug. 21, 2021, low-interest disaster loans from the US Small Business Administration are now available to businesses and residents in Tennessee.

According to Isabella Casillas Guzman, SBA Administrator, the institution is firmly committed to providing Tennessee citizens with the most efficient response possible for companies, homes, and renters. Its top objective is to bring everything back to normal.

The disaster declaration applies to Humphreys County in Tennessee, which is eligible for SBA Physical and Economic Injury Disaster Loans. Small companies and most private nonprofit organizations in the surrounding Tennessee counties of Benton, Dickson, Hickman, Houston, and Perry are only eligible to qualify for SBA Economic Injury Disaster Loans.

Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed property, machinery and equipment, inventory, and other commercial assets.

For mitigation reasons, applicants may be eligible for a loan amount increase of up to 20% of their physical losses, as confirmed by the SBA. To help safeguard property and inhabitants from potential damage caused by a similar disaster, eligible mitigation measures may include a sump pump, elevation, French drain, or retaining wall. The SBA provides Economic Injury Disaster Loans to small companies and private nonprofit organizations to help meet working capital needs affected by the disaster.

Homeowners can apply for disaster loans of up to $200,000 to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 in disaster-damaged or destroyed personal property repairs or replacement.

Applicants may apply online using the Electronic Loan Application (ELA) on disasterloanassistance.sba.gov/ela/s/

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