Tennessee businesses and residents affected by the explosion in Nashville on Dec. 25, 2020, were able to apply for low-interest disaster loans from the U.S. Small Business Administration. Administrator Perriello made the loans available in response to a letter from Tennessee Gov. Bill Lee on Jan. 22, requesting a disaster declaration by the SBA.
The declaration covered Davidson County and the adjacent counties of Cheatham, Robertson, Rutherford, Sumner, Williamson, and Wilson in Tennessee. Coverage included:
Physical Damages: Businesses of all sizes and nonprofits (Real Estate, Inventory, Equipment, etc.)
Economic Injury: Small businesses and nonprofits (working capital, no physical damages needed to apply) Interest rates as low as: 3 % for businesses, 2 % nonprofit organizations. Max. loan, $2 million
Homeowners: Up to $200,000 for Primary Residence
Homeowners and/or Renters: Up to $40,000 for Personal Property Interest rates as low as 1.125 % All loans have repayment terms up to 30 years For businesses/homeowners, mitigation is available up to 20% of SBA’s verified physical damage amount.