Disaster Recovery Request Approved By Small Business Administration

Following up on an inquiry by Governor Bill Haslam for disaster assistance after severe storms passed through several Tennessee counties in late January, the Small Business Administration formally approved the request earlier this week.

This disaster declaration by the SBA provides access to low-interest loans for homeowners, businesses, and non-profit organizations affected by the January storms.

For homeowner loans, if an applicant cannot obtain credit elsewhere, the interest rate will not exceed 1.688 percent.  If an applicant can obtain credit elsewhere, the interest rate will not exceed 3.375 percent.

Business applicants with credit elsewhere will have an interest rate of 6 percent and business applicants without credit will have an interest rate of 4 percent. Non-profit organization applicants will have an interest rate of 2.875 percent, regardless of whether or not they have credit elsewhere.

Henderson, Carroll, Chester, Decatur, Hardin and Madison Counties are included in the SBA disaster declaration.