ATLANTA, Ga. (WTVF) — On Thursday the U.S. Small Business Administration announced that Economic Injury Disaster loans are available in Tennessee to small businesses, small agriculture cooperatives, small aquaculture businesses and private nonprofits that were affected by excessive rain and flooding from March 28th through April 8th this year.
The loans will be available in the following counties: Dickson, Hickman, Humphreys, Lewis, Maury, Perry, and Williamson.
Ken Fleming, the Director of SBA's Field Operations Center East had this to say:
"When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected by the same disaster."
The SBA's Economic Injury Disaster Loan program is available to eligible farm related and non-farm related entities that suffered financial losses as a direct result of this disaster.
Except for aquaculture enterprises, the SBA cannot provide disaster loans to agriculture producers, farmers and ranchers
The loan amount can be up to $2 million with interest rates of 3 percent to small businesses and 2 percent for private nonprofit organizations of all sizes, with terms up to 30 years.
The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources.
The working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
They are not intended to replace lost sales and profits.
Applicants can apply here for Disaster Loan Assistance.
They can also receive information and applications by calling 1-800-659-2995 or email DisasterCustomerService@sba.gov.