TDCI: Reminds Businesses to Apply for Financial Relief from Storms Small Business Administration Loans

NASHVILLE – The Tennessee Department of Commerce & Insurance (TDCI) reminds businesses in Tennessee that Tuesday, February 8, 2022, is the filing deadline for federal Economic Injury Disaster Loans (EIDLs). These loans are related to losses due to the severe storms, tornadoes, and flooding Tennesseans experienced from March 25, 2021 through April 3, 2021. 

The Small Business Administration (SBA) loans were created to support businesses’ recovery from disasters and catastrophes. Working capital disaster loans are available up to $2 million at 3 percent for small businesses, and 2 percent for private nonprofit organizations, with terms up to 30 years.  

The loans are intended to cover expenses that could have been paid had the disaster not occurred including fixed debts, payroll, and accounts payable. To be considered for this assistance, eligible entities need to apply by the February 8, 2022 deadline.

“TDCI supports the professionals who own and operate the small businesses that make a community stronger — everything from local insurance agencies, auto sales, beauty shops, barber shops, and more,” said TDCI Deputy Commissioner Toby Compton. “I urge small business owners who may have suffered losses from the natural disasters in late March and early April to learn more about federal relief through the SBA EIDL program.”

Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations located in the following counties may be eligible to apply: Cannon, Cheatham, Davidson, Dekalb, Dickson, Hickman, Marshall, Maury, Robertson, Rutherford, Smith, Sumner, Trousdale, Williamson and Wilson. 

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