Cohen Announces Opening of New SBA Disaster Recovery Loan Outreach Center in Memphis

[MEMPHIS, TN] – Congressman Steve Cohen (TN-09) today announced that the U.S. Small Business Administration (SBA) will open a new Disaster Loan Outreach Center in Memphis tomorrow to assist citizens who were affected by the flooding that took place in the region on September 11, 2014. The Shelby County outreach center will provide one-on-one assistance to citizens applying for disaster damaged real estate recovery loans of up to $200,000 and disaster damaged personal property loans of up to $40,000.

“Every Ninth District citizen who was negatively affected by last month’s floods should take advantage of this opportunity and ensure they don’t miss out on recovery assistance they are eligible for,” said Congressman Cohen.

Businesses and non-profit organizations may also be eligible to apply for up to $2 million to repair or replace damage or destroyed real estate, machinery and equipment, inventory and other business assets. The new Disaster Loan Outreach Center will be located in Building C, Room 133 of the Shelby County EOC at 1075 Mullins Station Road. The outreach center’s hours of operation are as follows:

Opens: Wednesday Oct. 8, from 1 p.m. to 7 p.m.

Hours: Thursday and Friday, from 10 a.m. to 7 p.m.

Saturday, from 10 a.m. to 2 p.m.

Tuesday, Oct. 14, from 10 a.m. to 4 p.m.

Closes: Tuesday, Oct. 14, at close of business

***The outreach center will be closed on Sunday, October 12 and Monday, October 13 in honor of Columbus Day.

The following information is provided by the SBA:

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.

For small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDL’s) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 2.063 percent for homeowners and renters, 2.625 percent for nonprofit organizations and 4 percent for businesses with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.