Governor Bredesen Announces SBA Loan Program Available to Upper Cumberland Residents

 

NASHVILLE – Governor Phil Bredesen announced today the U.S. Small Business Administration (SBA) will make low interest disaster loans available in Putnam and contiguous counties to help individuals and businesses recover from the Aug. 16, 2010 flooding.

 

"The SBA’s actions will assist Tennesseans who suffered losses as they work to rebuild," Bredesen said. "Just as they did during the May floods, SBA representatives have worked with the state on our request for assistance and I appreciate their diligence in assisting our recovery efforts."

 

The counties eligible for SBA loans are Cumberland, DeKalb, Fentress, Jackson, Overton, Putnam, Smith and White.

 

An outreach center staffed by SBA customer service representatives will open in Putnam County on Friday, Sept. 10. Hours will be 8 a.m. to 3 p.m. CDT, through close of business on Thursday, Sept. 16. The center will open from 9 a.m. to 1 p.m. on Sat. Sept. 11, and will be closed on Sunday, Sept. 12. 

 

The center will be located in Cookeville at the Willow Avenue Church of Christ, 1150 South Willow Ave.

 

Applications and program information are available by calling the SBA’s Customer Service Center at 800-659-2955 Monday through Friday from 8 a.m. to 6 p.m. EST or by sending an e-mail to disastercustomerservice@sba.gov.

 

Individuals and businesses may apply online for disaster loans from SBA’s secure Web site at https://disasterloan.sba.gov/ela/.

 

Rates on the SBA loans will be as low as 2.5 percent for homeowners and renters, 3 percent for nonprofits and 4 percent for businesses. 

 

The deadline for individuals and businesses to apply for loans for propertydamage will be Nov. 8, 2010. The deadline for small businesses to apply for working capital loans will be June 7, 2011. 

 

A fact sheet about SBA disaster loans is available at http://www.sba.gov/idc/groups/public/documents/sba_homepage/serv_da_disastr_loan_factsht.pdf