Governor announces SBA disaster loans available

NASHVILLE, Tenn. (WVLT)-- The U.S. Small Business Administration (SBA) has granted Governor Bill Haslam's request for a disaster declaration for Knox and eight contiguous counties in Tennessee following the severe storms and flooding in February.

Now homeowners and businesses affected by the disaster eligible can get 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. Business rates range from 4 to 6 percent.

"I appreciate Gov. Haslam's quick work to ensure that our citizens get the help they need," said Knox Co. Mayor Tim Burchett in a statement responding to the announcement. "This means individuals and businesses suffering from extensive flood damage can now apply for help, and hopefully get their lives back to normal."

The declaration includes Anderson, Blount, Grainger, Jefferson, Loudon, Roane, Sevier and Union Counties.

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.

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  • by Adam Location: New York on Mar 26, 2011 at 07:52 AM
    In fact, it is really great to know that people and businesses will get the support of the SBA in a form of low interest disaster loans which can help to restore the damage caused by the flooding in February and early March. People are not responsible for disasters, basically, thus, it is really good that SBA provides such loans for residents of Tennesse counties and businesses. I hope the US Small Business Administartion will go on assisting people and businesses affected by the natural disasters.


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