Tennessee Small Business Development Center to offer COVID-19 disaster relief assistance
TSBDC will assist small businesses impacted by the Coronavirus through Governor Bill Lee’s Economic Injury Disaster Loan program.
By Diana Fedinec
March 20, 2020
The Tennessee Small Business Development Center (TSBDC) at Southwest Tennessee Community College, will be the key go-to Small Business Association (SBA) resource in Shelby and Fayette Counties for small businesses applying for the Economic Injury Disaster Loan program. TSBDC and its SBA District Office worked with Governor Bill Lee’s team on the declaration for the disaster relief program that was approved March 20, to provide Tennessee small businesses and non-profit organizations impacted by the Coronavirus, a loan assistance of up to $2 million per applicant.
“TSBDC was privileged to work with Governor Lee's team,” said TSBDC Executive Director Rory Thomas. “We appreciate our small business clients who were willing to share private information about their economic hardship during these challenging times in order for a declaration to be submitted for Tennessee.”
According to the Tennessee Department of Economic & Community Development, the loans can be used to pay fixed debts, payroll, accounts payable or other bills that cannot be paid due to the disaster’s impact. SBA will work to provide an affordable, long-term repayment plan on a case-by-case basis.
Businesses can learn more about the program and apply online at https://disasterloan.sba.gov/ela/Information/Index.