Statement from Senator John Stevens regarding SBA Disaster Relief Announcement

(NASHVILLE, Tenn.), May 21, 2013 –   “I am very pleased that the Small Business Administration has acted to approve Tennessee’s request for relief.  Many area citizens sustained substantial damage due to the severe April 26 storms.  This will enable eligible applicants to receive the low interest loan assistance they need to help them recover from the losses they have suffered.  I appreciate the efforts made by Governor Haslam and our local officials in helping secure this declaration to assist those who received damage.”

###The text of the Governor’s Release:

NASHVILLE – Tennessee Gov. Bill Haslam announced today the U.S. Small Business Administration (SBA) has granted his disaster declaration request for Stewart and its surrounding counties after severe storms and flash flooding occurred April 26, 2013. 

The declaration includes Benton, Henry, Houston and Montgomery Counties, and an SBA disaster declaration makes homeowners and businesses affected by the disaster eligible for low-interest loans. 

Those affected have until July 9, 2013, to apply for relief from the physical damage and until Feb. 10, 2014, to apply for relief from economic injury. 
“This is good news, and these loans will help individuals whose homes and businesses were damaged more quickly recover,” Haslam said. 
The interest rates for homeowners without credit elsewhere will be 1.875 percent. Loans for homeowners with credit elsewhere will be 3.750 percent. Interest rates for businesses will be four percent for those without credit elsewhere and six percent for businesses that have credit elsewhere. 
Additionally, the SBA will open temporary offices to help homeowners and businesses with the disaster loan process. More information on SBA disaster loans is at: http://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans/disaster-loans. 
The damage survey in Stewart County identified 40 homes with major damage and 19 homes with minor damage. There were eight businesses identified with major damage and two businesses with minor damage. Damage assessment teams also identified three other structures in Stewart County with major damage. From April 26, to April 28, 2013, a severe weather front brought heavy precipitation into middle Tennessee and parts of west and east Tennessee. The National Weather Service (NWS) reported heavy rainfall totals of up to six inches that resulted in localized flash flooding. 
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