Eligible residents, businesses and nonprofits hit by the deadly Aug. 12 storms and flooding can now apply for low-interest federal disaster loans by the U.S. Small Business Administration, according to a press release.
Loans up to $2 million are available for businesses and private nonprofits under certain conditions, while eligible homeowners may borrow up to $500,000 to replace or repair their primary residence. According to a press release, renters and homeowners may borrow up to $100,000 to replace or repair personal property.
Chattanooga’s second-rainiest day in recorded city history, which turned the interstate into a murky stream and forced evacuations, was somewhere between a 200-year and a 500-year flood event, experts said. The flash flood led to several deaths and prompted hundreds of emergency calls in a few hours in Hamilton County alone, according to city officials.
(READ MORE: Hamilton County may not qualify for FEMA assistance after flash floods)
Eligible counties include Bledsoe, Bradley, Hamilton, Marion, Meigs, Rhea and Sequatchie in Tennessee, according to the press release, as well as Catoosa, Dade, Walker and Whitfield counties in Georgia. The Small Business Administration sets loan amounts and terms, the press release said, based on each applicant’s financial condition.