Bredesen Requests SBA Assistance for Flood Recovery

 

NASHVILLE – Governor Phil Bredesen has requested assistance from the Small Business Administration to help speed recovery in Hamilton County to help individuals and businesses as they recover from the flooding damages on September 16. The flash flooding caused more than 200 families to be displaced and at least one business to close as a result of the flooding damage.

 

“The ability to access this kind of assistance is important for the Tennesseans who experienced significant losses due to heavy rains and flooding,” said Bredesen. “If Hamilton County is designated by the Small Business Administration, the community will be able to speed up its recovery efforts.”

 

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.

 

In order to request a SBA designation for a county, the state must first determine the state and affected communities will not qualify for other federal assistance.

 

The Tennessee Emergency Management Agency, the Federal Emergency Management Agency and county officials last week determined that Hardin and Hamilton Counties would not qualify for other federal disaster assistance programs based on a formal assessment of the damages.

 

FEMA’s preliminary damage surveys found more than $455,000 in damages occurred to homes and businesses throughout the county. There were 90 homes with major damages and 50 homes with minor damages. There were 26 businesses with minor and three businesses with major damages. More than 31 homes and businesses experienced uninsured damages in excess of 40 percent or more of their fair replacement value.

 

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