For more information contact, David H. Doyle, (901) 333-5085; Tom Nocera, (404) 275-5532
Southwest Tennessee Community College's Small Business Development Center (SBDC) and the U.S. Small Business Administration (SBA) have opened a Business Recovery Center office at the University of Memphis' Millington Center, 6500 Navy Road, Millington, TN. The Millington Center was opened to serve the twelve additional counties that have been designated for disaster assistance as part of Tennessee's federal disaster declaration. The total number of counties designated for Individual Assistance now stands at 42. Local surrounding counties added are Shelby, Fayette, Hardin, Tipton, Haywood, Madison, Gibson and Crockett.
People and business owners in the newly designated counties who were affected may apply for assistance by visiting the business recovery center or going online to www.disasterassistance.gov to complete an application for assistance. The SBA is providing low interest loans to cover residential and business losses not fully compensated by insurance. The recovery center is open Monday – Friday, 8 a.m. – 4:30 p.m.
What Types of Disaster Loans are Available?
- Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster damaged real estate (homeowners only) or personal property owned by the victim. Renters are only eligible for their personal property losses, including automobiles.
- Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
- Economic Injury Disaster Loans (EIDLs) – are working capital loans to help small businesses, small agricultural cooperatives 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 through the disaster recovery period.
- EIDL assistance is available only to entities and their owners who cannot provide for their own recovery from nongovernmental sources, as determined by the SBA.
For more information, contact the SBA Disaster Assistance Customer Service Center at (800) 659-2955 or firstname.lastname@example.org or visit the website at www.sba.gov/services/disasterassistance.