By Michelle Price
Special to the UCBJ
UPPER CUMBERLAND – Although the current focus of many is on COVID-19 and its effects, many throughout Smith and Putnam counties are still suffering from the March 3 tornado. Wilson Bank and Trust (WB&T) still has low-interest funding for these residents and businesses available.
Following the devastating tornado, Lebanon-based WB&T earmarked $100 million for low-interest construction loans and lines of credits for residents who sustained home damage during March’s deadly tornado. The loans, officials say, will offer a 2% interest rate that’s below current market rate.
“Many of the areas impacted most by the destruction are the communities that have helped build our bank over the past three decades. We want to assist where insurance may not cover the complete cost to repair or replace those homes,” CEO John McDearman said. “We’re blessed to be able to assist our neighbors in a time of need, and we hope these funds for repairing and rebuilding will help many of them get back on their feet a little faster.”
WB&T launched Operation Build Back immediately following the tornado and has helped many businesses and residents since that time. The deadline for applying for one of these low interest loans is Sept. 30, 2020, and the loan must close by Dec. 31, 2020.
Residents whose homes were damaged by the tornado can contact a loan officer at Wilson Bank & Trust to get details about the discounted construction loans and to start an application. The nearest location and its hours can be found here.