NASHVILLE – The number of disaster recovery loan packages returned by flood survivors is alarmingly low, according to recovery officials. More than 23,500 loan applications from the U. S. Small Business Administration (SBA) have been sent to Tennessee households who have applied for assistance through the Federal Emergency Management Agency’s (FEMA) registration line. Of those, only 664 loan applications have been returned.
What individuals may not know is that the SBA disaster loan application is absolutely essential to their recovery. Low interest loans from the SBA are the primary funding source to assist eligible homeowners to return their property to its pre-disaster condition.