The U.S. Small Business Administration (SBA) is urging small businesses and private nonprofit organizations in Tennessee to apply for federal disaster loans following Tropical Storm Helene. The loans are intended to help offset economic losses caused by the storm.
The affected areas include Carter, Cocke, Grainger, Greene, Hamblen, Hancock, Hawkins, Jefferson, Johnson, Sevier, Sullivan, Unicoi, and Washington counties in Tennessee. Additionally, Ashe, Avery, Haywood, Madison, Mitchell, Watauga, and Yancey counties in North Carolina and Grayson, Scott, and Washington counties in Virginia are also covered under this declaration.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster,” stated Chris Stallings of the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
The SBA's Economic Injury Disaster Loan (EIDL) program is available for small businesses and certain nonprofits that have experienced financial losses due to the storm. However, agricultural producers such as farmers or ranchers are generally not eligible unless they operate small aquaculture enterprises.
EIDLs can be used for working capital needs resulting from the disaster even if no physical damage occurred. These funds may be applied towards fixed debts and other expenses unmet due to the storm's impact.
Loan amounts can reach up to $2 million with interest rates set at 4% for small businesses and 3.25% for nonprofits over terms of up to 30 years. Interest does not accrue nor are payments required until 12 months post-disbursement.
To support this initiative further, the SBA will conduct webinars and workshops with local stakeholders targeting those affected in declared disaster areas.
For more details or to apply online visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955. Telecommunications relay services are available by dialing 7-1-1 for those who need it.
Applications for economic injury assistance must be submitted by July 2, 2025.