MEMPHIS, Tenn. (WMC) - The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Tennessee small businesses suffering substantial economic injury as a result of the COVID-19 pandemic, SBA Administrator Jovita Carranza announced Friday.
The disaster declaration makes SBA assistance available to the entire state of Tennessee, as well as neighboring border counties in Arkansas, Mississippi, Missouri, Kentucky, Alabama, Georgia, Virginia, and North Carolina.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private nonprofit organizations is 2.75 percent.
SBA will offer these loans to businesses with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance.
Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020.
For more information about available SBA resources and services, please visit: SBA.gov/coronavirus.