ATLANTA, March 31, 2014 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration is reminding businesses in Tennessee that working capital disaster loans are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations affected by severe storms and flooding on July 18 - 21, 2013.
These loans are available to small businesses and most private non-profit organizations in Carter, Hawkins, Johnson, Sullivan and Washington counties in Tennessee; and Scott and Washington counties, and Bristol City in Virginia.
"Businesses that suffered economic losses as a result of the disaster and want to apply for
low-interest loans from the SBA are urged to do so before the May 2 deadline," said Frank Skaggs, director of SBA Field Operations Center East in Atlanta.
Working capital disaster loans up to $2 million are available at 2.875 percent for private non-profit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, eligible entities need to apply by the deadline.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.
To obtain disaster loan information and application forms, call the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an email to email@example.com. Loan application forms can also be downloaded from www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline for economic injury applications is May 2, 2014.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.
Release Number: 14-157, TN 13697
Contact: Michael Lampton
Phone: (404) 331-0333
SOURCE U.S. Small Business Administration