In the wake of the devastating storms that hit Kentucky and Tennessee on December 9, 2023, the U.S. Small Business Administration is reaching out to small businesses, agricultural cooperatives, aquaculture businesses, and non-profit organizations in Todd County.
The SBA says that entities affected by the storms could qualify for a working capital loan, which can provide financial assistance to help them recover from the aftermath.
Unlike traditional disaster loans, the program does not require physical damage to the property. Instead, it focuses on businesses and non-profits that have experienced a decrease in revenue or faced temporary closures due to the storm. This includes situations where road closures, utility outages, or other factors prevented workers, customers, and suppliers from accessing the business.
The loans, with a maximum amount of $2 million, are designed to help these entities meet their ordinary and necessary financial obligations during the recovery period. The loans do not accrue interest during the first year, and the first payment is not due until one year after receiving the loan. Non-profit organizations have an interest rate of 3.25%, while businesses have an interest rate of 4%.
Applicants can apply for the EIDL program here or by visiting one of the temporary locations set up in Tennessee. The SBA also provides a helpline at 1-800-659-2955, with a dedicated line for deaf and hearing-impaired individuals at 711. The deadline to apply for an economic injury disaster loan is September 13, 2024.
