Government agency comes to the aid of March storm victims

JACKSON, Tenn. – The Small Business Administration encourages many people to apply for their loans.

“Owners and tenants are eligible to replace their property. Tenants have the right to replace their personal property and we don’t want to leave out these business owners. They are also eligible to receive physical injury assistance as well as economic disaster assistance,” 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 who borrow money from the SBA have up to 30 years to pay off their loan, the interest rates are incredibly low,” Mateen said.

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

“If they decide, ‘Okay, I don’t want to rebuild my house here, I’m going to move out,’ they can also use those SBA funds to move out,” Mateen said.

She says that in some cases, the guarantee is not necessary.

“For SBA loans below 25,000 [dollars] candidates do not have to provide a guarantee for these. Of course, if it’s over, we have to ask for guarantees if they’re available, but that’s not going to be a reason people get turned down,” Mateen explained.

Mateen encourages anyone in need of help to apply.

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

She says any nonprofit or private organization can also apply for loans.

The Small Business Administration will be at the JEA office located at 217 East College St beginning Friday, May 13 at 11 a.m. to offer one-on-one assistance with the application.

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