TEMA Update: Business Assistance Available for April Storms

The U.S. Small Business Administration’s Disaster Loan program has been made available for this disaster. The SBA press release announcing resources available to businesses is linked here.

SBA loans are available in two forms:

• Physical damage loans can assist with expenses related to damage sustained by the applicant to facilities and/or equipment during the disaster.
  • Deadline for applications: August 19, 2025

• Economic Injury Disaster Loans (EIDLs) are available for working capital needs caused by the disaster and are available even if the applicant did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.
  • Deadline for applications: March 19, 2026

Below you will find the type of loans and the list of eligible counties:

• Physical Damage Loans & EIDL: Cheatham, Davidson, Dickson, Dyer, Hardeman, McNairy, Montgomery, Obion, and Wilson
• EIDL only: Cannon, Chester, Crockett, Dekalb, Fayette, Gibson, Hardin, Haywood, Hickman, Houston, Humphreys, Lake, Lauderdale, Madison, Robertson, Rutherford, Smith, Stewart, Sumner, Trousdale, Weakley and Williamson

Applicants may apply at either of the BRCs (listed below) or online at sba.gov/disaster. For additional information on SBA disaster assistance, call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

MORE INFORMATION ON LOANS

Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.

Loan amounts and terms are determined by SBA based on each applicant’s specific financial condition. Interest rates can be as low as 4% for small businesses, 3.625% for private non-profits, and 2.75% for homeowners and renters, with terms up to 30 years.

BUSINESS RECOVERY CENTERS

SBA has opened two BRCs to assist businesses, nonprofits and residents in counties affected by the severe weather from April 2-6, 2025. SBA customer service representatives will be on hand at the BRCs to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application. Locations are listed below. Hours for both locations are Monday-Sunday, 8 a.m. to 6 p.m.

• Davidson County BRC
  • SBA District Office – 2 International Plaza Dr., Suite 500, Nashville, TN 37217.

• McNairy County BRC
  • Latta Building (also serving as a FEMA Disaster Recovery Center) – 205 W Court Avenue, Selmer, TN 38375

For more information on this resource, and other resources available to aid in the recovery from this event, please visit TEMA’s Spring Severe Weather 2025 hub, linked below:

TEMA Spring Severe Weather Hub