Relating to severe storms and tornadoes occurring December 9, 2023
Macon County – The U.S. Small Business Administration (SBA) has announced that businesses and residents affected by Severe Storms and Tornadoes Dec. 9, 2023 in Davidson, Dickson, Montgomery, Sumner counties and adjacent counties are eligible to apply for low-interest Physical and Economic Injury Disaster Loans (EIDLs) from the SBA.
The loans are available to businesses of all sizes, homeowners and renters in the declared area, which covers Davidson, Dickson, Montgomery and Sumner Counties.
Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Cheatham, Hickman, Houston, Humphreys, Macon, Robertson, Rutherford, Stewart, Trousdale, Williamson and Wilson in Tennessee.
The loans can be used to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
The SBA is 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.
The SBA offers three types of disaster loans:
- Business Physical Disaster Loans
- Economic Injury Disaster Loans (EIDL)
- Home Disaster Loans.
Business Physical Disaster Loans are available to businesses of any size, including private, nonprofit organizations such as charities, churches and private universities.
Economic Injury Disaster Loans are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.
Home Disaster Loans are available to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
The credit requirements for SBA disaster loans include a credit history acceptable to the SBA and the ability to repay all loans.
Interest rates are as low as 4% for businesses, 2.375% for nonprofit organizations and 2.5% for homeowners and renters, with terms up to 30 years.
Loan amounts 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 SBA’s secure website at sba.gov/disaster and should apply under SBA declaration # 20131 and 20132.
The SBA also offers additional funds to cover the cost of improvements that will protect property against future damage, such as retaining walls, seawalls and sump pumps.
Mitigation loan money would be in addition to the amount of the approved loan, but may not exceed 20% of the total amount of physical damage to real property, including leasehold improvements and personal property as verified by the SBA to a maximum of $500,000 for home loans.
Applicants may apply online, receive additional disaster assistance information and download applications atsba.gov/disaster.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
The filing deadline to return applications for physical property damage is Feb. 12, 2024 and the deadline to return economic injury applications is Sept. 13, 2024.
Business and Disaster Recovery Centers are now open across the four directly affected counties.
Davidson County Location
Nashville Public Library Madison Branch
610 Gallatin Pike South
Madison, TN 37115
Mon-Sat: 8 a.m. to 7 p.m.
Sun: 1 p.m. to 5 p.m.
Dickson County Location
Bibb-White Civic Center
1054 Old Charlotte Road
White Bluff, TN 37187
Sun-Sat: 9 a.m. to 7 p.m.
Montgomery County Locations
Montgomery Public Library
350 Pageant Lane, Suite 501
Clarksville, TN 37075
Mon-Thur: 9 a.m. to 8 p.m.
Fri-Sat: 9 a.m. to 6 p.m.
Sun: 1 p.m. to 5 p.m.
Clarksville-Montgomery County Regional Planning Commission
329 Main Street
Clarksville, TN 37040
Mon-Sat: 8 a.m. to 5 p.m.
Sumner County Locations
Hendersonville Area Chamber of Commerce
100 Country Club Drive, Suite 103
Hendersonville, TN 37075
Mon-Sat: 8 a.m. to 5 p.m.
Gallatin Public Utilities
239 Hancock Street
Gallatin, TN 37066
Mon-Sat: 8 a.m. to 7 p.m.
Sun: 1 p.m. to 5 p.m.
Image by wirestock on Freepik
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