Small Business Loans
March 20, 2020 - TN Department of Economic & Community
Loans now available to Tennessee small businesses that have suffered economic injury as a result of
NASHVILLE, Tenn. – Today, Gov. Bill Lee announced that Tennessee has received a declaration for Economic
Disaster Loan assistance from the U.S. Small Business Administration in response to a request submitted
Wednesday, March 18.
“I applaud the efforts of the SBA in swiftly processing and approving Tennessee’s request for Economic
Disaster Loan assistance,” Lee said. “Small businesses and nonprofits across the state are suffering
the wake of this pandemic, and these loans will help overcome the temporary loss of revenue companies
experiencing during this difficult time.”
Small businesses and nonprofit organizations that have suffered economic injury as a result of COVID-19
apply for Economic Injury Disaster Loans of up to $2 million per applicant to help meet financial
and operating expenses which could have otherwise been met.
The Economic Injury Disaster Loans are administered and processed through the SBA. Applicants may apply
receive additional disaster assistance information and download applications at sba.gov/disaster.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email
[email protected] for more information on SBA disaster assistance.
Interest rates for the loans are 3.75% for small businesses and 2.75% for nonprofit organizations. The
can be used to pay fixed debts, payroll, accounts payable or other bills that can’t be paid due to the
“We have been in contact with business and community leaders across the state who are concerned about the
COVID-19 is placing on their businesses and workforce,” TNECD Commissioner Bob Rolfe said. “We are
see that these loans will act as a source of relief for so many of Tennessee’s small businesses in the
The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of
years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
More than 94 percent of Tennessee’s private sector business establishments have fewer than 50 employees.
represents 151,500 businesses that employ over one million Tennesseans.
Employment has increased 13.6 percent at these establishments over the last five years, placing Tennessee
the nation’s top 10 states for small business growth.
Small businesses are encouraged to learn more about resources offered by the U.S. Small Business
Administration at https://www.sba.gov/.
Information about the SBA’s District Office in Tennessee can be found here.
Up-to-date information on COVID-19 in Tennessee can be found here.
TNECD Media Contact
Jennifer McEachern, Communications Director
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies that
make Tennessee the No. 1 location in the Southeast for high quality jobs. To grow and strengthen
department seeks to attract new corporate investment to the state and works with Tennessee companies to
facilitate expansion and economic growth. Find us on the web: tnecd.com.
us on Twitter and Instagram: @tnecd. Like us on Facebook: facebook.com/tnecd.