The U.S. Small Business Administration (SBA) announced Economic Injury Disaster Loans (EIDLs) are available for small businesses and others who have been effected by recent disasters in Tennessee and Kentucky.

These EIDL's will be available in Tennessee for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations with economic losses due to drought that began July 26 as well as those affected by the severe storms, straight-line winds, flooding and tornadoes that occurred on Dec. 10-11, 2021

The declaration includes the primary counties of Benton, Henry, Houston, Humphreys, Stewart and Weakley in Tennessee along with the adjacent counties of Carroll, Decatur, Dickson, Gibson, Hickman, Montgomery, Obion and Perry in Tennessee. Kentucky counties Calloway, Christian, Graves, Hickman and Trigg are also included.

“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected by the same disaster,” said Kem Fleming, director of SBA’s Field Operations Center East.

SBA’s EIDL program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster under the declaration.

Besides aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.

The loan amount can be up to $2 million with interest rates of 3.04 percent for small businesses and 1.875 percent for private nonprofit organizations, with terms up to 30 years.

These working capital loans can be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had it not been for the disaster. The loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website here. If you apply you should look for SBA declaration # 17559 for the drought that began July 26 or declaration #17287 for losses that occurred on December 10-11, 2021.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 or by emailing DisasterCustomerService@sba.gov.

Loan applications can be downloaded from the SBA’s website at here. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

You should submit completed loan applications to the SBA no later than April 3, 2023.

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