The U.S. Small Business Administration provides low interest disaster loans to homeowners and renters affected by the recent disasters in middle Tennessee. These programs are categorized into three programs:

1)       Home Loans - Loans are available to homeowners or renters to repair or replace disaster damaged real estate or personal property owned by the victim. Renters are eligible for their personal property losses, including automobiles.

2)       Refinancing - SBA can refinance all or part of prior mortgages that are evidenced by a recorded lien, when the applicant (1) does not have credit available elsewhere, (2) has suffered substantial uncompensated disaster damage (40 percent or more of the value of the property), and (3) intends to repair the damage. Homeowners may be eligible for the refinancing of existing liens or mortgages on homes, in some cases up to the amount of the loan for real estate repair or replacement.

3)       Relocation Loans - You may use your SBA disaster loan to relocate. The amount of the relocation loan depends on whether you relocate voluntarily or involuntarily. 

The application process can start by going to http://disasterloan.sba.gov.

Their general information site is http://sba.gov/services/disasterassistance/index.html.

If you would prefer a face-to-face approach to this process you can visit the following Disaster Recovery Centers in our area:

Tennessee State University (Ford Community Center) - http://www.tnstate.edu/interior.asp?mid=7099&ptid=1

100 Oaks Mall - http://www.vanderbilt.edu/flood/resources/fema-100oaks/

Franklin City Hall - http://www.franklin-gov.com/index.aspx?page=656

For specific hours of operation and directions, please follow the link next to each location.

Please pass this information along to anyone you know of in need of a low interest disaster loan. Use the share button below to forward this to a friend or family member that may benefit!