Tennessee businesses and residents affected by the explosion in Nashville on Dec. 25, 2020, can apply for low-interest disaster loans from the U.S. Small Business Administration, Acting SBA Administrator Tami Perriello announced.
The declaration covers seven counties, including Rutherford.
Anyone who had a business connection where the explosion occurred, or experienced impacts to their business when the AT&T server went out are eligible to apply for the low-interest disaster loans.
There is a one-year payment deferment on these loans, and there is no cost to apply, no fees or points, and no pre-payment penalty. Businesses that received a COVID-19 EIDL can still apply for this loan, but they must show a connection/impacts from the disaster.
The SBA has opened a Virtual Disaster Loan Outreach Center to help survivors apply online using the Electronic Loan Application via the SBA’s secure website at DisasterLoan@sba.gov or call (800) 659-2955 for assistance.
Interest rates are as low as 3 percent for businesses, 2 percent for nonprofit organizations, and 1.125 percent for homeowners and renters, with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
The deadline to return economic injury applications is Oct. 28, 2021.