Small businesses in nine Tennessee counties can now apply for federal disaster loans related to the drought that began in July.
The federal disaster declaration included businesses, agricultural cooperates, and private nonprofit organizations in Bedford, Coffee, Franklin, Giles, Grundy, Lincoln, Marion, Marshall, and Moore counties.
Loans of up $2 million have been made available to entities that suffered financial losses as a direct result of the drought through the U.S. Small Business Administration.
Working capital loans can be used to make fixed-debt payments, meet payroll, or cover other bills that could have been paid had the disaster not occurred.
The SBA does not offer disaster loans to agriculture producers, farmers, or ranchers, though aquaculture enterprises and nurseries have been eligible.
Applications can be downloaded or filed electronically through the SBA's website by clicking here.
