The U.S. Small Business Administration has assured that residents and businesses can apply for low interest disaster loans due to the onslaught of storms, tornadoes and flooding that occurred on June 18th through 25th in Claiborne County. This has been announced by SBA Administrator, Karen G. Mills.
The disaster loans are made available by Mills in response to a letter from Tennessee Gov. Bill Haslam on Aug.4. The declaration encompasses Claiborne County and neighboring counties like Campbell, Lee County in Virginia, Grainger, Hancock and Union in Tennessee, and Bell and Whitley in Kentucky.
The SBA stays committed to help people of Tennessee with an effective customer focused response. It is there to assist homeowners, renters and businesses of all sizes with federal disaster assistance loans. Getting businesses and communities up and running and overcoming the ravages caused due to disaster are the highest priority of SBA.
Loans up-to $200,000 are made available to homeowners for replacing or repairing damaged or destroyed real estate properties. Renters and homeowners are eligible for loans up to $40,000 for repair purposes and replacement of damaged personal property. The Disaster Loan Outreach Center will be open for victims and SBA’s customer service representatives will answer to queries about disaster loan programs and explain processes and help individuals complete loan applications.
Non-profit organizations can borrow up-to $2 million, in-order, to repair and replace damaged properties, machinery, equipment, inventory and other assets. SBA will increase loan up to 20 percent for the total disaster damage caused to real estates and leaseholds. For private non-profit organizations, SBA offers Economic Injury Disaster Loans (EIDLs) so as to meet working capital needs that are a result of the disaster.
Interest rate for the disaster loan is 2.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses having terms up-to 30 years.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com