News Summary
Tennessee has established two Business Recovery Centers in Davidson and McNairy Counties to assist those impacted by recent severe storms. These centers provide crucial support to small businesses, nonprofits, and residents affected by damages. They will offer guidance on accessing disaster-related financial aid and other resources, alongside an emphasis on the Economic Injury Disaster Loan program. The centers aim to facilitate the recovery process for those facing economic challenges due to the storms.
Tennessee has opened two Business Recovery Centers (BRCs) to help those affected by severe storms that occurred from April 2 to April 24, 2025. The U.S. Small Business Administration (SBA) established these centers in Davidson and McNairy Counties to provide invaluable assistance to small businesses, private nonprofits, and residents grappling with damages from these natural disasters.
The BRCs will serve as a resource hub where affected individuals can access guidance on disaster-related financial aid, including the Disaster Loan application process. SBA customer service representatives will be present at the centers to answer questions and assist with loan applications. Although walk-ins are welcome, those seeking to maximize their time can schedule appointments in advance at appointment.sba.gov.
The Davidson County BRC is located at the SBA District Office at 2 International Plaza, Nashville, TN 37217. It is open daily from 8 a.m. to 6 p.m., but will be temporarily closed on Friday, July 4, for the Independence Day holiday. The McNairy County BRC can be found at Latta Theatre, 205 W Court Ave., Selmer, TN 38375, maintaining the same hours of operation and holiday closure.
The BRCs are an essential lifeline for business owners during this challenging recovery period. The SBA is emphasizing the availability of its Economic Injury Disaster Loan (EIDL) program, aimed at small businesses, small agricultural cooperatives, and private nonprofit organizations that have incurred losses directly related to the disaster. It’s important to note that agricultural producers, farmers, and ranchers are typically not eligible for these disaster loans, with the exception of small aquaculture enterprises.
The EIDLs are designed to help meet working capital needs that arise as a result of the disaster, stepping in even when there was no physical damage. Funds received through EIDLs can be utilized for various expenses, such as covering fixed debts, payroll, accounts payable, and other bills that may be overdue.
For businesses suffering physical damage, the SBA offers business physical disaster loans of up to $2 million to repair or replace affected real estate, machinery, equipment, and inventory. Homeowners facing property damage can apply for loans up to $100,000 for repairs and up to $500,000 for total replacement of primary residences. Additionally, applicants may be eligible for increased loan amounts up to 20% for mitigation efforts to minimize future risks.
Interest rates for the loans begin at 4% for small businesses, 3.625% for nonprofits, and 2.75% for homeowners and renters, with repayment terms extending up to 30 years. To provide some relief, payments on these loans are deferred for the first 12 months from the initial disbursement.
Disaster survivors are encouraged to apply for these loans as soon as possible, particularly before finalizing insurance claims, to avoid any potential delays in funding. Key deadlines for applications are August 19, 2025, for physical property damage and March 19, 2026, for economic injury-related applications. Further details and online applications can be accessed at sba.gov/disaster or through the SBA Customer Service Center, which can be reached at (800) 659-2955 or [email protected]. Those with disabilities can also access services and information via telecommunications relay services.
In addition to these recovery centers, three more counties in Tennessee—Carroll, Houston, and Wayne—have been authorized for public assistance under FEMA’s program to aid recovery from the April storms. This funding will cover government costs related to debris removal and repairs for public infrastructure, reinforcing the commitment to support areas hard hit by nature’s fury.
Deeper Dive: News & Info About This Topic
- WBBJ TV: SBA Opens Business Recovery Centers in McNairy, Davidson Counties
- Wikipedia: Tennessee
- Tennessee Lookout: FEMA Public Assistance Available to 3 More Counties
- Google Search: SBA disaster relief
- WSMV: SBA Opens Business Recovery Centers to Assist Businesses Affected by Severe Weather
- Encyclopedia Britannica: Natural disaster
- CNHI News: Tennessee News Article
- Google News: Disaster loan assistance
- WBBJ TV: SBA Offers Disaster Relief to Tennessee Small Businesses
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