Disaster loans available to cover October storm damage
Residents and business owners who have lost property to the windstorm that hit Clarksville on October 26 may apply for low-interest disaster loans to cover their repairs.
Montgomery County is one of 18 counties in Tennessee selected by the US Small Business Administration (SBA) for disaster assistance after severe storms, which originated from the remnants of Tropical Storm Olga, according to a press release from the county.
Storm damaged Clarksville Regional Airport, Clarksville Speedway Nursing Home and Palmyra Health and Rehabilitation, as well as several homes and mobile homes.
The 70 mph winds knocked down trees across town, smashing 61 utility poles and damaging 15 electrical transformers. The damage to the electrical infrastructure was worse than the ice storm of 1994 or the tornado of 1999.
“Businesses and private non-profit organizations can borrow up to $ 2 million to repair or replace real estate, machinery and equipment, inventory and other business assets damaged or destroyed by a disaster,” he said. said LaTanya Channel, district director of the SBA in Tennessee.
For small businesses, small farmer cooperatives, and most private nonprofit organizations, the SBA offers economic disaster loans to help meet the working capital needs caused by the disaster. Economic disaster loan assistance is available whether or not the business has suffered property damage, the statement said.
“Loans of up to $ 200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and tenants can qualify for loans of up to $ 40,000 to repair or replace damaged or destroyed personal property, ”said Kem Fleming, director of the SBA’s Field Operations Center East in Atlanta.
Interest rates are as low as 3.875% for businesses, 2.75% for nonprofits, and 1.5% for landlords and tenants with terms of up to 30 years. The loan amount and terms are set by the SBA and are based on the financial status of each applicant.
How to register
Outreach centers for disaster loans are being set up to help people with the application process. The Montgomery County Center will be located at William O. Beach Civic Hall, 350 Pageant Lane, on the following dates:
- Wednesday January 8, 11 am-6pm;
- January 9-21, weekdays, 9 am-6pm;
- January 11 and 18, Saturdays, 10 am-2pm
- Wednesday, 22nd of January, 9 am-4pm
Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at DisasterLoan.sba.gov. Businesses and individuals can also obtain information and loan applications by calling the SBA Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing), or by sending an email to désastrecustomerservice @ sba .gov.
Loan applications can also be downloaded from www.sba.gov. Completed applications should be returned to a center or mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline for returning property damage claims is February 18. The deadline for returning claims for economic damages is September 17th.