KNOXVILLE, Tenn. — Businesses and families that were most impacted by the severe storms that swept through East Tennessee in early August can now apply for low-interest and long-term disaster loans from the U.S. Small Business Administration.
The loans are available after The White House declared a disaster in the area. The severe storms brought strong winds and tornadoes that ripped through the area, destroying homes and damaging businesses. The loans are meant to help make sure businesses and residences have access to the resources they need to recover.
The disaster declaration covers several counties in East Tennessee, listed below.
- Anderson County
- Blount County
- Grainger County
- Jefferson County
- Knox County
- Loudon County
- Roane County
- Sevier County
- Union County
The SBA said Tuesday it opened a Disaster Loan Outreach Center in Knoxville to help people affected by the storms, located at the Cedar Bluff Library. The library's address is 9045 Cross Park Dr.
At the center, customer service representatives will be available to answer questions about the loan program and help people complete their applications. The SBA said businesses and private nonprofits can borrow up to $2 million to repair or replace real estate that was damaged or destroyed by the storm. They can also use the money to replace or repair machinery, equipment, inventory and other business assets.
Small businesses, small agricultural cooperatives and most nonprofits can apply for Economic Injury Disaster Loans to meet capital needs caused by the disaster. These kinds of loans are available regardless of whether the business had any physical property damage.
Loans of up to $500,000 are also available to homeowners who need to repair or replace damaged or destroyed real estate. Loans are also available for homeowners and renters for up to $100,000 to repair or replace personal property.
Interest rates can be as low as 4% for businesses, 2.375% for nonprofits and 2.5% for homeowners and renters. Terms can be for up to 30 years.
The outreach center's hours are available below. The SBA also said it would be closed for Veterans Day on Nov. 10.
- Monday - Thursday: 10 a.m. - 8 p.m.
- Friday: 10 a.m. - 5 p.m.
- Saturday: 10 a.m. - 2 p.m.
- Sunday: Closed
Applicants can apply online under the declaration #20060. the filing deadline for physical property damage is Jan. 2, 2024. The deadline for economic injury applications is Aug. 2, 2024.