CLARKSVILLE, Tenn. (WTVF) — Montgomery County is one of 18 counties selected by the U.S. Small Business Administration (SBA) for disaster assistance for businesses and residents affected by Tropical Storm Olga.
The SBA has announced the opening of Disaster Loan Outreach Centers (DLOC) in Tennessee, which will offer low-interest disaster loans to assist those affected by severe storms associated with the tropical storm on October 26, 2019.
The Montgomery County DLOC will be at William O. Beach Civic Hall, located at 350 Pageant Lane. Representatives there will be available to answer questions about the disaster loan program and help applicants complete their applications.
For anyone interested, the center will be open during certain dates and times in January. They are:
- January 8, from 11 a.m. until 6 p.m.
- Weekdays January 9 through January 21, from 9 a.m. until 6 p.m.
- Saturdays January 11 and January 18, from 10 a.m. until 2 p.m.
- January 22, from 9 a.m. until 4 p.m.
"Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory and other business assets," said SBA's Tennessee District Director LaTanya Channel.
For small businesses, small agricultural cooperatives, small businesses involved in aquaculture and most private nonprofit organizations, the SBA is offering Economic Injury Disaster Loans. Economic Injury Disaster Loan assistance is available regardless of whether a business suffered physical property damage.
"Loans up to $200,000 are available to homeowners to repair or replace damage or destroyed real estate," said Kem Fleming, center director of SBA's Field Operations Center East in Atlanta. "Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property."
Interest rates are as low as 3.875 percent for businesses, 2.75 percent for nonprofit organizations and 1.5 percent for homeowners and renters, with terms up to 30 years. Loan amount and terms are based on each applicant's own financial condition, and are set by the SBA.
You can apply online using the Electronic Loan Application on the SBA's Disaster Loan website. You can also get information and loan applications by calling SBA customer service at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing firstname.lastname@example.org. Loan applications can also be downloaded at the SBA website.
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, Texas 76155.
The deadline to return applications for physical property damage is February 18. The deadline to return economic injury applications is September 17.