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Haslam Requests SBA Disaster Recovery Assistance for Severe Flooding

Press release from the Office of Tennessee Gov. Bill Haslam; July 31, 2013:

NASHVILLE – Tennessee Gov. Bill Haslam has requested assistance from the U.S. Small Business Administration (SBA) to help individuals and businesses in Sullivan County and its contiguous counties recover from the severe storms and flash flooding that occurred on July 20-21, 2013.

The additional Tennessee counties that would be eligible for SBA loans are Carter, Hawkins, Johnson and Washington as damage to homes and businesses occurred in multiple locations.

A joint Tennessee Emergency Management Agency (TEMA) and SBA damage survey shows more than 88 homes and 65 businesses in Sullivan County sustained minor/major damages and loss of inventory. There was one reported death due to the storm.
“Tennesseans continue to recover from this storm, and SBA assistance would help these communities restore their homes and businesses,” Haslam said.

The SBA 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.

From July 20 to July 21, 2013, a severe weather front in east Tennessee spawned numerous severe wind shears and strong thunderstorms with straight-line winds often exceeding 30 miles per hour, according to the National Weather Service. Flood and wind damage occurred in multiple locations.

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Press Releases

Haslam Announces SBA Disaster Declaration for Late-April Floods

Press release from the Office of Tennessee Gov. Bill Haslam; May 10, 2013:

NASHVILLE – Tennessee Gov. Bill Haslam announced today the U.S. Small Business Administration (SBA) has granted his disaster declaration request for Stewart and its surrounding counties after severe storms and flash flooding occurred April 26, 2013.

The declaration includes Benton, Henry, Houston and Montgomery Counties, and an SBA disaster declaration makes homeowners and businesses affected by the disaster eligible for low-interest loans.

Those affected have until July 9, 2013, to apply for relief from the physical damage and until Feb. 10, 2014, to apply for relief from economic injury.

“This is good news, and these loans will help individuals whose homes and businesses were damaged more quickly recover,” Haslam said.

The interest rates for homeowners without credit elsewhere will be 1.875 percent. Loans for homeowners with credit elsewhere will be 3.750 percent. Interest rates for businesses will be four percent for those without credit elsewhere and six percent for businesses that have credit elsewhere.

Additionally, the SBA will open temporary offices to help homeowners and businesses with the disaster loan process. More information on SBA disaster loans is at: http://www.sba.gov/category/navigation-structure/loans-grants/small-busi….

The damage survey in Stewart County identified 40 homes with major damage and 19 homes with minor damage. There were eight businesses identified with major damage and two businesses with minor damage. Damage assessment teams also identified three other structures in Stewart County with major damage.

From April 26, to April 28, 2013, a severe weather front brought heavy precipitation into middle Tennessee and parts of west and east Tennessee. The National Weather Service (NWS) reported heavy rainfall totals of up to six inches that resulted in localized flash flooding.

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Federal Dishing Out Drought Disaster Loans

Press release from the U.S. Small Business Administration (via PRNewswire.com); July 20, 2012:  

ATLANTA, July 20, 2012 /PRNewswire-USNewswire/ — The U.S. Small Business Administration announced today that federal economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes located in Henry, Lake, Montgomery, Obion, Robertson, Stewart and Weakley counties in Tennessee as a result of the drought that began on June 19, 2012.

“These counties are eligible because they are contiguous to one or more primary counties in Kentucky. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to assist eligible entities affected by the same disaster,” Skaggs added.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible

farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.

Loan amounts can be up to $2 million, with interest rates of 3 percent for non-profit organizations and 4 percent for small businesses. Terms can be up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. The agency sets loan amounts and terms based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to disastercustomerservice@sba.gov. Loan applications can be downloaded from the SBA’s website at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Completed loan applications must be returned to SBA no later than March 12, 2013.

For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov.

Contact: Michael Lampton
Release Number: 12-660 KY 13127
Phone: 404-331-0333

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Press Releases

Governor Announces SBA Disaster Loans

Press Release from State of Tennessee, March 24, 2011

Knox and surrounding counties eligible for low-interest loans to individuals and businesses

NASHVILLE – Tennessee Gov. Bill Haslam announced today the U.S. Small Business Administration (SBA) has granted his request for a disaster declaration for Knox and eight contiguous counties in Tennessee following the severe storms and flooding in February.

“The notice we received from the federal government is welcome news for Tennesseans in these counties,” said Haslam. “I’m pleased the federal government has granted this declaration to provide them some relief.”

An SBA disaster declaration makes homeowners and businesses affected by the disaster eligible for low interest loans. In this case, the rate for homeowners will be 2.56 percent or 5.12 percent, depending on whether they can get credit elsewhere, and business rates range from 4 to 6 percent.

SBA declarations make victims in adjacent counties eligible for aid as well, so the declaration includes the Tennessee counties of Anderson, Blount, Grainger, Jefferson, Loudon, Roane, Sevier and Union.

Those affected have until May 23, 2011, to apply for relief from physical damage and until Dec. 23, 2011, to apply for relief from economic injury caused by the Feb. 28, 2011, storms and flooding.

Applicants can contact the SBA’s Disaster Assistance Customer Service Center at (800) 659-2955, email disastercustomerservice@sba.gov 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.