CLARKSVILLE, Tenn. -- Montgomery County is one of 18 Tennessee counties selected by the U.S. Small Business Administration for disaster assistance in the wake of severe storms Oct. 26 associated with the remnants of Tropical Storm Olga.
SBA announced Thursday it would open Disaster Loan Outreach Centers in Tennessee to help businesses and residents affected by the storms to apply for low-interest disaster loans. In Clarksville-Montgomery county, the afternoon windstorm knocked down trees and powerlines and left many CDE Lightband and CEMC customers without power for several days. Clarksville Street Department continues its efforts to remove storm debris from city neighborhoods.
The Clarksville-Montgomery County Disaster Loan Outreach Center will be at William O. Beach Civic Hall, 350 Pageant Lane, Clarksville. Representatives will be available to answer questions about the disaster loan program and help individuals complete applications. The center will be open at these times and dates:
• 11 a.m. to 6 p.m. Wednesday, Jan. 8.
• 9 a.m. to 6 p.m. weekdays Jan. 9-21.
• 10 a.m. to 2 p.m., Saturdays, Jan. 11 and 18.
• 9 a.m. to 4 p.m., Wednesday, Jan. 22.
“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,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.
Interest rates are as low as 3.875 percent for businesses, 2.75 percent for nonprofit organizations, and 1.5 percent 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 at SBA’s secure website at www.DisasterLoan.sba.gov. 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@example.com. Loan applications can also be downloaded at www.sba.gov. Completed applications should be returned to a center or 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 Feb. 18, 2020. The deadline to return economic injury applications is Sept. 17, 2020.