Tennessee Gov. Bill Haslam announced today that the U.S. Small Business Administration (SBA) has granted a disaster declaration for Lincoln County and its contiguous counties for the storm flooding and tornado damage that occurred on April 27-29, 2014.
The declaration includes Bedford, Franklin, Giles, Lincoln, Marshall and Moore counties in Tennessee. An SBA disaster declaration makes homeowners and businesses affected by the disaster eligible for low-interest loans.
Those affected have until July 21 to apply for assistance for physical damage and until February 20, 2015 to apply for relief from economic injury.
"Recovery after a natural disaster is never easy, and these loans will help individual homeowners, renters and businesses get back on their feet again," Haslam said. "State and local officials will work with SBA to open temporary offices to help homeowners and businesses with the disaster loan process."
The interest rates for homeowners without credit elsewhere will be 2.188 percent. Loans for homeowners with credit elsewhere will be 4.375 percent. Interest rates for businesses will be 4 percent for those without credit elsewhere and 6 percent for businesses that have credit elsewhere.
More information on SBA disaster loans is available at: www.sba.gov/disaster.
A joint Tennessee Emergency Management Agency (TEMA) and SBA damage survey of the losses on May 13-14 found that Lincoln County had 25 or more homes or businesses that each sustained uninsured losses of 40 percent or more of the estimated fair replacement value or pre-disaster fair market value of the damaged property.
On April 28, Tennessee experienced an outbreak of severe storms producing heavy rain, hail and strong, damaging winds. An EF3 tornado touched down in Lincoln County striking several homes and South Lincoln Elementary School. The tornado killed two people and injured six more in Lincoln County.