Low-Interest Loans Could Aid Residents in Putnam and Surrounding Counties
NASHVILLE – Governor Phil Bredesen has requested assistance from the Small Business Administration to help speed recovery in Putnam County and the contiguous counties to help individuals and businesses as they recover from the flooding damages that occurred on August 16, 2010. The additional counties that would be eligible for SBA loans are Fentress, Overton, Jackson, Smith, DeKalb, White and Cumberland. Flood damage to homes and businesses occurred in multiple locations.
A survey by the Tennessee Emergency Management Agency and the SBA indicates more than 25 homes and businesses in Putnam County sustained uninsured losses of 40 percent or more of their estimated pre-disaster fair market value.
“If Putnam County is designated by SBA, the assistance provided will help Tennesseans with rebuilding,” said Bredesen. “Programs like this one are important to help our citizens get their recovery on track.”
The Small Business Administration provides low interest disaster loans to homeowners, renters, businesses of all sizes and private, non-profit organizations to repair or replace real estate, personal property, machinery and equipment, inventory and business assets that have been damaged or destroyed in a declared disaster.
To request a SBA designation for a county, the state must first be sure the state and affected communities will not qualify for the federal individual assistance program.
The Tennessee Emergency Management Agency, the Federal Emergency Management Agency and county officials have determined that Putnam and other counties would not qualify for individual assistance programs based on a formal assessment of the damages.