Governor Announces SBA Disaster Loans Available

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.