Gallatin, Tennessee – In the wake of a devastating EF-2 tornado that struck Gallatin on Dec. 9, city leaders are actively working to ensure that victims receive the necessary support for recovery. This tornado, which caused significant damage to homes and businesses, was one of six that hit the Midstate area on the same day, tragically resulting in the death of seven people.
In response to the disaster, charities and local churches have mobilized to provide aid to those affected. However, the Small Business Administration (SBA) is also playing a crucial role in the recovery process. Contrary to common perception, the SBA’s assistance extends beyond just helping businesses. In situations of disaster relief, they offer loans with interest rates as low as 2.4% and do not require immediate repayment.
Robin Yang from the SBA, speaking at a Gallatin City Council meeting, highlighted the advantageous terms of these loans: “There’s no payment due until 12 months after the first disbursement of the loan,” he explained. This aspect of the loan program makes it an invaluable resource for residents looking to rebuild and recover from the tornado’s impact.
The SBA offers a variety of seven different types of loans to cater to the diverse needs arising from such disasters. However, it is important for potential applicants to be aware of the deadlines. Homeowners seeking assistance have until mid-February to apply, while businesses can apply until mid-September. For more information about the loans and how to apply, individuals and businesses are encouraged to explore the resources available through the SBA.
