SBA In Town To Assist With Small Business Loans

Small businesses affected by the tornado can apply for loans through the Small Business Administration.

Representatives of the Small Business Administration in town Monday to help business owners affected by last week’s storm. Public Affairs Specialist Tauheedah Mateen said businesses can apply even if they did not have physical damage from the storm.

“You don’t have to have your roof blown off, power lines down, nothing has to be physical,” Mateen said. “Businesses can qualify for up to $2 Million dollars for working capital.”

Mateen said examples might include businesses along highway 70 that were unable to open because of road closures. Stores that saw a significant drop in revenue in contrast with previous year could also apply.

“In times of disaster when homes are messed up, that money that was supposed to be coming into your store, whether it be a grocery store or a boutique or any type of business, businesses lose money,” Mateen said.

The 30-year interest rates are as low as 3.75 percent for businesses and 2.75 percent for non-profit agencies.

“Using the Small Business Administration, we like to say we are that gap between what your insurance won’t pay and that extra need you have,” Mateen said.

Business owners in need of more information can visit DisasterLoan.sba.gov. The SBA also opened a disaster office in East Nashville. You may also call (800) 659-2955 for information.