The U.S. Small Business Administration (SBA) has announced the reopening of a Business Recovery Center (BRC) in Washington County, Tennessee, to support businesses, nonprofits, and residents affected by Tropical Storm Helene. The center will begin operations on Monday, March 24.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, emphasized the importance of these centers: “SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster.” He added that business owners could meet with specialists who will assist them through the disaster loan application process and connect them with recovery resources.
The Economic Injury Disaster Loan (EIDL) program is available for small businesses, small agricultural cooperatives, and private nonprofit organizations that have suffered financial losses due to the storm. However, it does not extend to agricultural producers except for small aquaculture enterprises. EIDLs can be used for working capital needs resulting from the disaster.
Businesses and nonprofits can apply for physical disaster loans up to $2 million to repair or replace damaged assets such as real estate and equipment. Homeowners and renters may apply for loans up to $100,000 for personal property replacement or repair. Homeowners can also apply for up to $500,000 for primary residence repairs.
Applicants might qualify for a loan increase of up to 20% of their verified physical damages for mitigation purposes. This includes improvements like strengthening structures against high winds or installing safe rooms.
Interest rates are set at 4% for businesses, 3.25% for nonprofits, and 2.813% for homeowners and renters with terms extending up to 30 years. Payments start one year after the first loan disbursement.
For more information or assistance with applications, individuals can visit sba.gov/disaster or contact SBA's Customer Service Center at (800) 659-2955. The deadline for physical property damage applications is April 27, while economic injury applications are due by July 2.