Government agency helps March storm victims

JACKSON, Tenn. — The Small Business Administration is encouraging many to apply for their loans.

“Homeowners and renters are eligible to replace their real estate. Renters are eligible to replace their personal property and we don’t want to leave out those business owners. They are also eligible to receive physical damage help and also economic injury disaster help as well,” said Tauheedah Mateen, Public Affairs Specialist for the Small Business Administration.

She says loans are available for those affected by the March storms.

“We are a federal entity so those that are borrowing money from the SBA have up to 30 years to repay their loan, the interest rates are incredibly low,” said Mateen.

She says these loans can be used if you need to relocate.

“If they decide that ‘okay, I don’t want to rebuild my home here, I’m going to relocate’ they can use those SBA funds to relocate as well,” said Mateen.

She says in some cases collateral isn’t necessary.

“For those SBA loans that are under 25,000 [dollars] applicants do not have to provide any collateral for those. Of course if it’s over that, we do have to ask for collateral if it’s available, but that will not be a reason that people would get denied,” explained Mateen.

Mateen encourages anyone that needs help to apply.

“It’s better to have those funds and not need it because you can always say no to the loan, than to need it and not have it and that deadline has passed and there’s no other options with the SBA with this declaration,” said Mateen.

She says any non-profit or private organization can also apply for the loans.

The Small Business Administration will be at the JEA office located at 217 East College St starting Friday May 13, at 11 in the morning, to offer one-on-one help with the application.

If you would like more information about the loans or would like to apply, click here.

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