SBA’s Portable Loan Outreach Center in Johnson County to Close for Veteran’s Day

ATLANTA- The U.S. Small Business Administration (SBA) announced today that the Portable Loan Outreach Center (PLOC) in Mountain City, will be closed on Nov. 11, in observance of Veterans Day, and will reopen on Nov. 12 at 8:00 a.m.

"When disasters strike, our Portable Loan Outreach Centers are key to helping business owners and residents get back on their feet," said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA. "At these centers, people can connect directly with our specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey."

SBA's Customer Service Representatives are available at the PLOC to answer questions, assist business owners complete their disaster loan application, accept documents, and provide updates on an application's status. Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Business Recovery Center in advance. The center will operate as listed below.

SBA Portable Loan Outreach Center (PLOC)

Johnson County

Food Lion

2291 South Shady Street

Mountain City, TN 37683

Hours: Monday - Saturday 8 a.m. to 7 p.m.

Sunday 12 p.m. to 5 p.m.

Closed on Nov. 11 in observance of Veterans Day

The disaster declaration covers Carter, Cocke, Greene, Hamblen, Hawkins, Johnson, Unicoi and Washington counties, which are eligible for both Physical and Economic Injury Disaster Loans (EIDLs) from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA EIDLs: Grainger, Hancock, Jefferson, Sevier and Sullivan in Tennessee; Ashe, Avery, Haywood, Madison, Mitchell, Watauga and Yancey in North Carolina; Grayson, Scott and Washington in Virginia.

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

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

Disaster loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property.

Interest rates are as low as 4 percent for businesses, 3.25 percent for nonprofit organizations, and 2.813 percent for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.

On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

With the changes to FEMA's Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and SBA low-interest disaster loan assistance to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition. Do not wait on the decision for a FEMA grant; apply online and receive additional disaster assistance information at sba.gov/disaster.

Applicants may call the SBA's Customer Service Center at (800) 659-2955 or send an email to [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The filing deadline to return applications for physical property damage is Dec. 2, 2024. The deadline to return economic injury applications is July 2, 2025.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Related programs: Disaster

Email [email protected]