U.S. Small Business Administration offering disaster loans

KNOXVILLE, Tenn. (WVLT) - In addition to personal relief from the Federal Emergency Management Agency, better known as FEMA, and unemployment help from the state, the U.S. Small Business Administration is also offering loans to business- and home-owners impacted by Hurricane Helene.

Previous Coverage: President Biden approves major disaster declaration for Tennessee

The loans cover the same counties as FEMA’s major disaster declaration. The eight included are:

• Carter
• Cocke
• Greene
• Hamblen
• Hawkins
• Johnson
• Unicoi
• Washington

There’s three types of loans available:

• Business Physical Disaster Loans: These loans are offered to businesses to repair or replace property. That property can include real estate, inventories, supplies and equipment. They’re available to businesses of any size and private, non-profit organizations like charities and churches.
  • Limit: $2,000,000
• Economic Injury Disaster Loans (EIDL): These are working capital loans available to most organizations to meet financial obligations.
  • Limit: $2,000,000, though amount will be determined by SBA
• Home Disaster Loans: These loans go to homeowners and renters to repair or replace property, including cars.
  • $500,000 for real estate
  • $100,000 for property

The loans are available to anyone who can pass a credit check and show that they have the ability to repay them. The administration also outlined interest rates for each loan:

Those who would like to apply for a loan can do so here. The SBA’s full terms are below:

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