The U.S. Small Business Administration is offering financial relief to Catoosa County businesses and nonprofit organizations that were impacted by the Easter severe weather outbreak.
Catoosa County is listed as a contiguous county in the TN 16429 disaster declaration. Any small businesses, non-profit organizations, or small agricultural cooperatives that were impacted by the April 12-13 severe storms, tornadoes, straight-line winds and flooding, are eligible to apply for an Economic Injury Disaster Loan (EIDL). Businesses can apply if they have suffered physical damage and/or financial damage for reasons such as employees not able to get to work.
“We encourage our neighbors whose business or non-profit organization was impacted by severe weather to consider applying for an EIDL to help them recover,” said Catoosa County Manager Alicia Vaughn.
Highlights of the EIDL program include:
♦ 3.75% interest rates for small businesses, 2.75% for nonprofits
♦ Terms for up to 30 years
♦ First payments begin five months from date of loan closing
♦ No collateral required on loans of $25,000 or less
♦ No closing costs, no pre-payment penalties
People can apply online at https://disasterloan.sba.gov/ela/, and view the application before applying at https://disasterloan.sba.gov/ela/Information/PaperForms.
For virtual assistance with EIDL applications, call between 8 a.m. and 5 p.m. Eastern Time either 571-522-1925, 571-422-6016 or 404-909-1535. Assistance by email is available at FOCE-Help@sba.gov.