The deadline for Catoosa County businesses and nonprofit organizations that were impacted by the Easter severe weather outbreak to apply for low-interest disaster relief loans for physical property damage is June 23. Applications for economic injury relief must be submitted by Jan. 25, 2021.
The U.S. Small Business Administration is offering this financial relief to Catoosa County since it is listed as a contiguous county in the Tennessee 16429 disaster declaration. Any small business, nonprofit organization, or small agricultural cooperative that was 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 non-profits
♦ 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