SBA will offer disaster assistance to Bedford

NASHVILLE -- Gov. Phil Bredesen Friday announced the Small Business Administration has issued a Disaster Declaration for Rutherford County and the seven adjacent counties -- Bedford, Cannon, Coffee, Davidson, Marshall, Williamson and Wilson -- for tornadoes that struck on April 10. An SBA disaster declaration makes homeowners and businesses affected by the disaster eligible for low-interest loans.

"I'm very pleased that SBA acted on this request so quickly and that Tennesseans impacted by the April 10 storms will have the opportunity to use this disaster loan program as they recover and rebuild," said Bredesen, who requested the SBA Disaster Declaration on April 21.

"These disaster declarations were essential," said U.S. Rep. Bart Gordon in a news release. "The tornadoes caused damage throughout Middle Tennessee and ravaged some communities. Now, residents who had limited or no property insurance can apply for low-interest loans and begin rebuilding."

SBA Disaster Loans can provide a homeowner or business with a quick method of funding their own recovery process. The current interest rates for disasters that occurred on or before January 2009 are 2.187 percent or 4.375 percent for homeowners, depending on whether they can get credit elsewhere, and range for business from 4 to 6 percent.

The SBA declined access to the disaster loan program for Benton, Dickson, McMinn, Moore and Sequatchie Counties because there were not enough qualifying damages.

"On Tuesday, April 28th, the SBA will open a Disaster Loan Outreach Center in Murfreesboro," said Gordon. "The Center will answer questions about the federal disaster loans and help individuals complete their applications."