CAMPBELL COUNTY, Tenn — Two counties in East Tennessee are eligible for federal disaster recovery loans, as part of a disaster declaration after severe storms swept through Whitley County, Kentucky, in early April.
The loans are available in Campbell County and Claiborne County, according to a release from the U.S. Small Business Administration. Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofits are eligible for Economic Injury Disaster Loans.
The loans are meant to help those businesses and organizations meet both normal expenses and continue health care benefits to employees while also paying rent, utilities and other fixed debt patents. The loans are available regardless of whether they suffered any physical property damage, and the Small Business Administration can provide up to $2 million.
The loan program is intended to support jobs impacted by natural disasters, when businesses cannot fully provide for their own recovery by non-government sources.
The amount that businesses and organizations can get is limited to their economic injury from the storm as determined by the Small Business Administration. Interest rates for the loans are 4% for businesses and agricultural cooperatives. It is 3.25% for qualified nonprofits. First payments are also deferred, with no interest accrual on the first years. Terms are also available for up to 30 years.
Applications can be submitted from the Small Business Administration's online portal, or by contacting the administration's customer service center at 1-800-659-2955. The deadline for applications is Feb. 24, 2025.
