ATLANTA, Georgia (WTVF) – On Thursday, the U.S. Small Business Administration announced that Tennessee disaster loans are available to small businesses, small agricultural cooperatives, small aquaculture businesses, and private nonprofits affected by heavy rainfall and floods since 28 Martha. until April 8 this year.
Loans will be available in the following counties: Dixon, Hickman, Humphries, Lewis, Morey, Perry and Williamson.
Ken Fleming, director of the SBA’s Eastern Field Operations Center, said the following:
“When the Minister of Agriculture issues a disaster declaration to help farmers recover from crop damage and loss, the Small Business Administration issues the declaration to the appropriate organizations affected by the same disaster.”
The SBA Economic Loss Disaster Loan Program is available to eligible agricultural and non-agricultural organizations that have suffered financial losses as a result of this disaster.
With the exception of aquaculture businesses, the SBA cannot provide disaster loans to agricultural producers, farmers and ranchers
The loan amount can be up to $ 2 million with an interest rate of 3 percent for small businesses and 2 percent for private non-profit organizations of any size for up to 30 years.
The SBA determines eligibility based on the applicant’s size, business and financial resources.
Working capital loans can be used to pay fixed debts, wages, payables, and other bills that might have been paid if a natural disaster had not occurred.
They are not intended to replace lost sales and profits.
Applicants can apply here for disaster loan aid…
They may also receive information and inquiries by calling 1-800-659-2995 or by emailing DisasterCustomerService@sba.gov.