Statement from Senator Dolores Gresham regarding SBA Declaration for storm damage

NASHVILLE — “The declaration is great news for those businesses which experienced damage as a result of the January storms,” said Senator Gresham.  “I have talked with many citizens who need this help.  I am very relieved that help is on the way and that these low interest loans will be available.”

 

The text of the press release regarding the SBA Declaration is below:

 HASLAM Announces SBA Declaration FOR JANUARY 29 STORMS

Loans available in Henderson, Carroll, Chester, Decatur, Hardin and Madison counties

 NASHVILLE – Tennessee Gov. Bill Haslam announced today the U.S. Small Business Administration (SBA) granted his request for a disaster declaration for Henderson and its contiguous counties as a result of severe storms, tornadoes and flooding that occurred on Jan. 29, 2013.

“I’m glad we have good news on our SBA declaration request, and I hope all those who sustained damage to their homes and businesses from these terrible storms will find a measure of relief as they rebuild,” Haslam said.

 An SBA disaster declaration makes homeowners, businesses and non-profit organizations affected by the disaster eligible for low-interest loans.

 The SBA will open a temporary office on Wed. Feb. 20, 2013, in the Henderson County Courthouse, 17 Monroe Ave. in Lexington, Tenn., to help homeowners and businesses with the disaster loan process. A powerful storm moved across the U.S. on Jan. 29, 2013, bringing heavy rain, thunderstorms and tornadoes to Tennessee.  The storm caused one fatality and three injuries in the state.

 For homeowner loans, if an applicant cannot obtain credit elsewhere the interest rate will not exceed 1.688 percent.  If an applicant can obtain credit elsewhere, the interest rate will not exceed 3.375 percent.

 Business applicants with credit elsewhere will have an interest rate of 6 percent and business applicants without credit will have an interest rate of 4 percent. Non-profit organization applicants will have an interest rate of 2.875 percent, regardless of whether or not they have credit elsewhere.

 SBA declarations make victims in adjacent counties eligible for aid as well, so the declaration includes the Tennessee counties of Carroll, Chester, Decatur, Hardin and Madison. Applicants can contact the SBA’s Disaster Assistance Customer Service Center at (800) 659-2955, email [email protected] or visit SBA’s website at www.sba.gov. Hearing impaired individuals may call (800) 877-8339. Applicants may also apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

 

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Posted in News, Sen. Dolores Gresham
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