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Federal Disaster Recovery Loans Available for Campbell and Claiborne Counties in East Tennessee Following Severe Storms in Whitley County, Kentucky
The recent tornado warning in Whitley County not only impacted parts of East Tennessee but has also led to federal disaster recovery loans being made available for businesses in Campbell County and Claiborne County. The U.S. Small Business Administration has declared a disaster after severe storms hit Kentucky in early April, making these loans accessible to small businesses, agricultural cooperatives, and nonprofits in the affected areas.
These Economic Injury Disaster Loans are designed to help businesses cover normal expenses, maintain employee benefits, and address fixed debts such as rent and utilities. The loans can be up to $2 million and are available even if the business did not suffer physical property damage. The goal is to support job retention and recovery efforts in the aftermath of natural disasters.
Interest rates for the loans are 4% for businesses and agricultural cooperatives, and 3.25% for qualified nonprofits. The first payments are deferred, with no interest accruing in the first year, and terms can extend up to 30 years. Applications can be submitted online through the Small Business Administration’s portal or by contacting their customer service center.
Businesses and organizations in Campbell County and Claiborne County have until Feb. 24, 2025, to apply for these disaster recovery loans. This assistance aims to provide much-needed support to those affected by the recent storms and help them rebuild and recover from the damage caused.
