ATLANTA, April 16, 2012 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration has approved more than $1 million in disaster assistance loans for Tennessee residents and businesses affected by the Feb. 29 through March 2, 2012 severe storms, tornadoes, winds and flooding. The deadline to apply for physical damage is May 15.
"Currently 24 home and business disaster loans have been approved in the amount of $1,741,900 for affected survivors," said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta. "We are pleased to be able to get these loans approved so residents and businesses in the disaster area can start to rebuild and resume their normal lives."
"We encourage all affected businesses, homeowners and renters and non-profits in the primary counties of Bradley, Claiborne, Cumberland, DeKalb, Hamilton, Jackson, McMinn, Monroe, Overton and Polkto consider applying as we want to offer disaster recovery loan assistance to those who need support rebuilding," said Walter Perry, District Director of SBA's Tennessee District Office.
Anyone with insured losses should not wait for an insurance settlement before applying to the SBA. If someone does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided they agree to use insurance proceeds to reduce or repay their SBA loan.
Interest rates are as low as 1.875 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. The SBA sets the loan amounts and terms based on each applicant's financial condition.
For additional information, 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 protected]. Loan application forms can be downloaded from the SBA's website at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.