Mayor John Cooper announced more than $1.9 million in disaster loans were approved by the U.S. Small Business Administration for Davidson County businesses and residents with losses that resulted from the March 3 severe storms, tornadoes, straight-line winds and flooding.
Currently, 76 disaster loans were approved statewide that totaled more than $5 million for affected survivors.
The mayor’s office encouraged businesses of all sizes, nonprofit organizations, homeowners and renters to take advantage of the opportunity to apply for disaster assistance for their losses.
“Business owners of all sizes who were affected by the March 3 storm should take this opportunity to apply for SBA loans to recover from economic injury and direct damages caused by the tornado,” said Cooper. “Do not pass up this valuable resource to get back on your feet, recover and rebuild.”
The disaster declaration covers Davidson, Putnam and Wilson counties in Tennessee, which are eligible for both physical and economic injury disaster loans from the SBA. Small businesses and most private nonprofit organizations in Cannon, Cheatham, Cumberland, DeKalb, Fentress, Jackson, Overton, Robertson, Rutherford, Smith, Sumner, Trousdale, White and Williamson counties in Tennessee are eligible to apply only for SBA economic injury disaster loans.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory and other business assets. Applicants may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and residents from future damage caused by a similar disaster.
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.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Interest rates are as low as 3.75 percent for businesses, 2.75 percent for nonprofit organizations and 1.563 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
To be considered for all forms of disaster assistance, applicants should register at disasterassistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362 or 800-462-7585. Multilingual operators are available.
Survivors may apply for an SBA disaster loan using an electronic loan application via the SBA’s secure website at disasterloan.sba.gov.
For more information, call the SBA customer service center at 800-659-2955 or 800-877-8339 for the deaf and hard-of-hearing or by send an email to email@example.com. Completed applications should be returned to a center or mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. For more information about SBA recovery assistance, visit sba.gov.
The filing deadline to return applications for physical property damage is May 4. The deadline to return economic injury applications is Dec. 7.