SBA Deadline is Approaching for Tennessee Small Businesses to Apply for Working Capital Loans Due to March Storms
ATLANTA – The U.S. Small Business Administration is reminding businesses in Tennessee that Economic Injury Disaster Loans (EIDLs) are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations affected by severe storms, tornadoes, straight-line winds and flooding on March 3, 2020.
“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 Dec. 7 deadline,” said Michael Lampton, acting director of SBA Field Operations Center East.
The loans are available in the following counties: Cannon, Cheatham, Cumberland, Davidson, Dekalb, Fentress, Jackson, Overton, Putnam, Robertson, Rutherford, Smith, Sumner, Trousdale, White, Williamson and Wilson in Tennessee.
Working capital loans up to $2 million are available at 3. 75 percent for small businesses, and 2.75 percent for private nonprofit organizations 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 DisasterLoan.sba.gov and should apply under SBA declaration # 16326, not for the COVID-19 incident.
Businesses 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 DisasterCustomerService@sba.gov. Loan applications can also be downloaded at 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 to return economic injury applications is Dec. 7, 2020.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit sba.gov.