NASHVILLE, Tenn. (WTVF) — Private nonprofit organizations in Tennessee that were impacted by the March tornadoes may be eligible for disaster loans from the Small Business Administration (SBA).
The SBA announced the loan program Saturday. Private nonprofits that do not provide critical governmental services - and are located in Benton, Carroll, Davidson Putnam, Smith and Wilson Counties - are eligible.
Examples of eligible organizations are food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.
The SBA says eligible organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The interest rate is 2.75 percent with terms up to 30 years.
Applicants may also be eligible for a loan amount increase of up to 20 percent of their physical damages. Eligible improvements include safe rooms or storm shelters, sump pumps, French drains or retaining walls to help protect property and occupants from future damage caused by a similar disaster.
Applicants can apply online at SBA's Disaster Loan website. Disaster loan information and application forms can also be obtained by calling SBA's customer service center at 800-659-2955 (deaf or hard of hearing can call 800-877-8339) or by sending an email to email@example.com.