Dennis Plumlee surveys damage in his Crewdson Avenue home in North Chattanooga Wednesday after a tree felll on the home when heeavy wind and rain swept through the area.
Staff photo by Angela Lewis/Chattanooga Times Free PressWalter Perry, district director for the U.S. Small Business Administration, said today that homeowners and business owners hit by the storm should apply immediately for disaster loans.
“When there is a presidential declaration of a disaster, the SBA comes in to offer loans at very low interest rates for everyone,” Perry said.
The loans, which come directly from the U.S. Treasury, will be turned around in 10 days for approval, Perry said.
More than 1,000 applications have already been distributed, he said, and the agency expects to loan tens of millions of dollars between now and the filing deadline of June 30.
The loans differ from grants available from the Federal Emergency Management Agency, in that FEMA grants are not available for business owners while SBA loans are available to any qualified applicant, including homeowners and business owners.
Applications are available at disaster centers throughout the Tri-State most affected by the tornadic storms of April 27.
Homeowners are eligible for up to $200,000 in loans, businesses are eligible for up to $2 million, and even renters and non-profits can receive assistance. Personal property, including vehicles up to $40,000, is also covered by the loan program.
For more information, pick up a copy of Wednesday’s Chattanooga Times Free Press.