Loans Available For Business Affected By Rock Slide
NASHVILLE (WRCB)- Governor Phil Bredesen today announced the Small Business Administration is making Economic Injury Disaster Loans available in Polk County and three adjacent Tennessee counties - Bradley, McMinn and Monroe - as well as for two counties in Georgia (Fannin and Murray) and one in North Carolina (Cherokee). The assistance comes in response to Bredesen's request for federal aid following a rock slide that closed U.S. Highway 64 on November 10, 2009.
The low-interest disaster loans are available to small businesses, small agriculture cooperatives and most private non-profit organizations that have been affected by the rock slide.
"The SBA's actions will provide businesses in those counties much needed assistance as they deal with the impact of a rock slide," said Bredesen. "The state is working to reopen the highway as quickly as possible, and we are glad this assistance is available to help those who have been affected."
A business recovery center staffed by SBA customer service representatives will open in Polk County on Tuesday, February 23. Hours will be 9 a.m. to 5 p.m. EST through close of business on Thursday, February 25. The center will be located in the Ducktown City Hall located at 327 Main Street.
Applications and program information are available by calling the SBA's Customer Service Center at 800-659-2955 Monday through Friday from 8 a.m. to 6 p.m. EST or by sending an e-mail to email@example.com. Business loan applications can also be downloaded from the SBA Web site at www.sba.gov/services/disasterassistance. Completed applications should be returned to the Center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Victims may apply for disaster loans from SBA's secure Web site at https://disasterloan.sba.gov/ela/. The deadline to return economic injury applications is November 16, 2010.
Economic Injury Disaster Loans
There is a $2 million cap on Economic Injury Disaster Loans, according to the SBA. These loans are meant to meet working capital needs caused by the disaster. The actual amount of each loan is limited to the economic injury determined by the SBA, less business interruption insurance or other recoveries up to the administrative limit.
The rates on these loans are 4 percent for businesses and 3 percent for non-profit organizations with terms up to 30 years. The SBA determines eligibility for the loans based on the size and type of business and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
Fact Sheet about SBA Disaster Loans: