The U.S. Small Business Administration is offering low-interest disaster loans to Tennessee businesses and residents affected by the Christmas Day Bombing in downtown Nashville that heavily damaged much of 2nd Avenue North.
According to a U.S. SBA news release, the declaration covers Davidson County and the adjacent counties of Cheatham, Robertson, Rutherford, Sumner, Williamson and Wilson.
“The SBA is strongly committed to providing the people of Tennessee with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners, and renters with federal disaster loans,” Acting SBA Administrator Tami Perriello said in the news release. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
Due to health precautions related to the ongoing COVID-19 pandemic, SBA will not establish a field presence to assist survivors, but will provide virtual assistance through webinars, phone assistance and step-by-step application assistance.
The SBA has opened a Virtual Disaster Loan Outreach Center to help survivors apply online using the Electronic Loan Application via the SBA’s secure website.
Virtual customer support representatives are available to help applicants complete the online application during these hours:
Virtual Disaster Loan Outreach Center (VDLOC) Is open 7 days a week from 8 a.m.–8 p.m. Eastern by calling (800) 659-2955 or emailing [email protected].
Survivors should contact the SBA’s Disaster Customer Service Center at (800) 659-2955 for assistance in completing their loan applications.
Requests for SBA disaster loan program information may be obtained by emailing [email protected].
The SBA will conduct extensive outreach to ensure that those affected by the disaster have an opportunity to apply for assistance.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” SBA’s Tennessee District Director LaTanya Channel said.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.
Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” Kem Fleming, director of SBA’s Field Operations Center East in Atlanta said.
Applicants may be eligible for a loan amount increase up to 20% of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 3% for businesses, 2% for nonprofit organizations, and 1.125% for homeowners and renters, with terms up to 30 years.
Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing [email protected].
Loan applications can also be downloaded here.
Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is March 29, 2021. The deadline to return economic injury applications Oct. 28, 2021.