CLARKSVILLE

Disaster loans available to cover damage from October wind storm in Clarksville

The Leaf-Chronicle

Residents and business owners who lost property to the windstorm that slammed into Clarksville on Oct. 26 will be able to apply for low-interest disaster loans to cover their repairs.

Montgomery County is among one of 18 Tennessee counties selected by the U.S. Small Business Administration (SBA) for disaster assistance after the severe storms, which came from the remnants of Tropical Storm Olga, according to a county news release.

The storm damaged the Clarksville Regional Airport, the Clarksville Speedway and Palmyra Health and Rehabilitation nursing home, along with several houses and mobile homes.

Extensive damage was done to the Clarksville Speedway during the storm on Oct. 26, 2019.

The 70 mph winds knocked down trees all over town, breaking 61 utility poles and damaging 15 electricity transformers. Damage to the electricity infrastructure was worse than the 1994 ice storm or the 1999 tornado.

“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Tennessee District Director LaTanya Channel. 

For small businesses, small agricultural cooperatives and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage, the release said. 

Carmen Ruiz mini van destroyed after Clarksville's major storm on Saturday, Oct. 27, 2019

“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, center director of SBA’s Field Operations Center East in Atlanta.   

Interest rates are as low as 3.875% for businesses, 2.75% for nonprofit organizations, and 1.5% for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition. 

How to apply

Disaster Loan Outreach Centers are being set up to help people with the application process. The center in Montgomery County will be at William O. Beach Civic Hall, 350 Pageant Lane, on these dates:

  • Wednesday, Jan. 8, 11 a.m.-6 p.m.;
  • Jan. 9-21, weekdays, 9 a.m.-6 p.m.;
  • Jan. 11 and 18, Saturdays, 10 a.m.-2 p.m.
  • Wednesday, Jan. 22, 9 a.m.-4 p.m.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov. Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov.

Loan applications can also be downloaded at www.sba.gov. Completed applications should be returned to a center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. 

The filing deadline to return applications for physical property damage is Feb. 18. The deadline to return economic injury applications is Sept. 17.