by: Summer Kelley
The U.S. Small Business Administration has offered assistance to small businesses, to help re-build from the storms that hit several counties in Tennessee on April 12 and 13.
The announcement of assistance came after a Presidential disaster declaration for Tennessee. The contiguous counties in Georgia - Dade, Murray, Walker, and Whitfield - are included in the Small Business Administration's assistance. According to a press release from the Small Business Administration Dade is eligible for Economic Injury Disaster Loans (EIDL).
Economic Injury Disaster Loans (EIDL) are "working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist during the disaster recovery period."
The interest rate for a small business is 3.75 percent; 2.75 percent for non-profit organizations.
Terms are up to 30 years to keep payments affordable.
The first payment is not due until 5 months from the date the closing documents are signed.
There is no collateral required on loans of $25,000 or less.
There are no closing costs and no prepayment penalty.
People can apply online at:
Download paper documents here to see the application before you apply:
Due to the COVID-19 restrictions, virtual assistance will be available. For virtual assistance with your application for a storm EIDL, call any of the following numbers between 8 a.m.-5 p.m. Eastern Time:
People can also email for assistance to FOCE-Help@sba.gov