Williamson County Chamber: SBA Working Capital Loans Available In Tennessee Following Secretary Of Agriculture Disaster Declaration For ...

Franklin TN

16 July, 2021

6:10 PM

Description

Press release from Williamson County Chamber: July 16, 2021 Release Date: July 15, 2021 Contact: Michael Lampton (404) 331-0333 [email protected] Release Number: 21-460, TN 17036 Follow us on Twitter, Facebook, Blogs & Instagram SBA Working Capital Loans Available in Tennessee Following Secretary of Agriculture Disaster Declaration for Excessive Rain and Flooding ATLANTA – The U.S. Small Business Administration announced today that Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations in Tennessee as a result of excessive rain and flooding on Mar. 28 through April 8, 2021. The loans are available in the following counties: Dickson, Hickman, Humphreys, Lewis, Maury, Perry, Williamson in Tennessee. "When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected by the same disaster," said Kem Fleming, director of SBA's Field Operations Center East. Under this declaration, the SBA's Economic Injury Disaster Loan program is available to eligible farm related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Except for aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers. The loan amount can be up to $2 million with interest rates of 3 percent for small businesses and 2 percent for private nonprofit organizations of all sizes, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits. Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at DisasterLoan.sba.gov/ela/s/ and should apply under SBA declaration # 17036, not for the COVID-19 incident. Businesses 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 protected]. Loan applications can also be downloaded at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. Submit completed loan applications to SBA no later than March 9, 2022. This press release was produced by Williamson County Chamber. The views expressed here are the author's own.