SBA sets up disaster assistance center inside East Ridge Library
EAST RIDGE, Tenn. (WDEF) – Today marked the first day the Small Business Administration set up a local disaster assistance center inside the East Ridge Library.
News 12 visited the center to learn how the SBA is helping residents, businesses, and even nonprofit organizations recover from the recent flooding across our area.
Yabsira Adera, SBA Public Affairs Specialist, explained, “So today we have our disaster loan outreach center opening up and it is here to provide assistance to the public to start and complete the SBA application process. For those individuals who have experienced damages to their homes, businesses, or nonprofit organization on August 13.”
The SBA says their goal is to assist anyone affected by natural disasters and to walk them through affordable loan options.
Adera shared that homeowners may be eligible for up to $500,000 to repair or replace disaster-damaged real estate, with an interest rate of three percent.
Personal property losses such as furniture or automobiles may be covered up to $100,000.
Businesses may qualify for loans with a four percent interest rate.
Officials emphasize that the loans are designed with low interest rates and long repayment terms.
People may have up to 30 years to pay, and there is also a one-year deferment option before repayment begins.
Adera added that those who apply are not obligated to take the loan if they later decide not to proceed, especially if insurance ends up covering their losses.
The new center is located inside the East Ridge City Library and is open Monday through Friday from 8 a.m. to 5 p.m. and Saturdays from 10 a.m. to 2 p.m.
“We are delighted to provide the help that people need,” Adera said. “We are just happy to make sure that people are able to get back up and recover from the impact of these storms.”
Click here to learn more about SBA loan options.
