MONTGOMERY COUNTY, Tenn. (CLARKSVILLENOW) — Montgomery County is among one of 18 counties selected by the U.S. Small Business Administration (SBA) for disaster assistance to businesses and residents of Tennessee affected by severe storms linked to Tropical Storm Olga.
The U.S. SBA announced the opening of Disaster Loan Outreach Centers (DLOCs) in Tennessee to assist businesses and residents affected by severe storms associated with the remnants of Tropical Storm Olga on October to apply for low-interest disaster loans.
The Montgomery County Disaster Loan Outreach Center will be at William O. Beach Civic Hall, located at 350 Pageant Lane. Representatives will be available to answer questions about the disaster loan program and help individuals complete their applications.
The center will be open during the following dates and times in January: Wednesday, Jan. 8, 11 a.m. until 6 p.m.; Jan. 9 through 21, weekdays, 9 a.m. to 6 p.m.; Jan. 11 and 18, Saturdays, 10 a.m. to 2 p.m. The last day for an appt. is Wednesday, Jan. 22, from 9 a.m. to 4 p.m.
“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,” said SBA’s Tennessee District Director LaTanya Channel.
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, center 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 (ELA) via SBA’s secure website at 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 disastercustomerservice@sba.gov. 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.