TBA Law Blog

Posted by: Brittany Sims on Oct 7, 2014

The U.S. Small Business Administration will open a temporary Disaster Loan Outreach Center in Memphis following widespread flooding in the area on Sept. 11, the Memphis Business Journal reports. The center will be open for a week, beginning Wednesday, at the Shelby County Equal Opportunity Compliance office. Businesses and nonprofits of any size can borrow up to $2 million at interest rates as low as 2.6 percent to repair or replace real estate, machinery and equipment, inventory and other business assets, the release said. Homeowners can borrow up to $200,000 to repair or replace real estate, while homeowners and renters are eligible for loans up to $40,000 to repair or replace personal property. The filing deadline for property damage is Nov. 24, while the deadline for economic injury applications is June 24, 2015.