Residents and businesses in several Tennessee counties impacted by the August 12 flooding can now apply for low-interest federal disaster loans.
On August 29, the U.S. Small Business Administration declared a disaster in Bledsoe, Bradley, Hamilton, Marion, Meigs, Rhea, and Sequatchie counties.
Small businesses and private nonprofits may borrow up to $2 million to repair or replace damaged property and assets. Homeowners can apply for loans up to $500,000 to repair or replace their primary residence, and homeowners and renters may borrow up to $100,000 for personal property. Loans may be increased by up to 20% of damage costs for mitigation improvements like wind-resistant upgrades or storm shelters.
