Atlanta – The U.S. Small Business Administration is reminding victims in eligible Tennessee counties they should not wait to settle with their insurance companies before applying for disaster loan assistance.
The SBA encourages victims of the April 10 tornadoes to return their completed applications, even if they have not settled with their insurance company. Waiting to file an SBA application for physical damages is June 22.
Homeowners, renters, nonprofit organizations and businesses of all sizes in Rutherford and other counties affected by the Good Friday tornado are eligible for physical disaster assistance.
“Returning a completed SBA disater loan application is an important step in the disaster recovery process,” said Frank Skaggs, director of SBA Field Operations Center East. “ SBA does not need your insurance settlement information in order to start the application process.”
Disaster victims with insurance should not wait for a settlement before applying to the SBA. If a victim does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.
SBA’s customer service representatives are on hand at the Disaster Loan Outreach Center to issue applications, answer questions about the SBA’s disaster loan program, explain the application process and help individuals complete their applications.
The SBA opened a remote office Tuesday at the Rutherford County Emergency Management Agency, 1220 West College St.
The office will be open Tuesday-Friday from 8 a.m.-5 p.m., Saturday 9 a.m.-1 p.m., and Monday through Thursday of next week from 8 a.m. to 5 p.m.. The office will close Thursday, May 7.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace damaged or destroyed personal property. Businesses and nonprofit organizations of any size may borrow up to $2 million to repair ot replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
For small businesses and private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Disaster Loan assistance is available regardless of whether the business suffered any property damage.
Victims unable to visit the temporary service center at the RCEMA may apply for assistance at 1-800-659-2955 (1-800-877-8339 for the hearing impaired) Monday- Friday from 8 a.m.-9 p.m. and from 9 a.m.-9 p.m. Saturdays or by e-mailing disastercustomerservice@sba.gov.
Applications can be completed disasterloan.sba.gov/ela. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Fort Worth, TX 76155.
The deadline for physical loan applications is June 22, 2009. The deadline for economic injury applications in Jan. 25, 2010. |
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