CARTER COUNTY, Tenn. — People in areas of Tennessee that saw historic flooding from the impact of Hurricane Helene can apply for special loans through the United States Small Business Administration to help recover from the damage.
The administration said SBA disaster loans are available in Carter, Cocke, Greene, Johnson, Sevier and Unicoi counties. It said there are a few types of loans available.
"The SBA also has an important role to play to help entire communities recover post-disaster. We help not only the small businesses, but the communities they rely on for their employees and their customers. So, residential, both renters and homeowners, as well as nonprofits can come to the SBA to seek financial relief," said Isabel Casillas Guzman, an administrator with the administration.
Home Disaster Loans are available for homeowners or renters, helping them repair or replace real estate and personal property, including cars and furniture, that were damaged by the flooding. Homeowners can apply for up to $500,000 to repair or replace their primary residence, and $100,000 to replace or repair property.
The first payment on the loans can be deferred for a year, and no interest will accrue for a year either. Applicants not able to get loans elsewhere will also not need to pay more than 4% interest. The loans can have up to 30-year terms, with no pre-payment penalties.
Business Physical Disaster Loans are also available to businesses to help them repair or replace properties that were damaged by the weather. It can include real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible and so are private nonprofits like charities and churches.
Anyone who needs help fixing or replacing property damaged by the storm can find more information on SBA's website.