Storm victims in Henry, Montgomery and Adjacent counties may be eligible for low-interest loans

Governor Phil Bredesen announced today the U.S. Small Business Administration (SBA) has granted his request for a disaster declaration for Henry and Montgomery counties following an estimated $5.3 million in storm damage caused by severe weather in November.
“The notice we received today from the federal government is welcome news for Tennesseans in these counties,” said Bredesen. “Thedamage caused by these storms was extensive and this assistance will help homeowners and businesses recover more quickly. I’m pleased the federal government has granted this declaration to provide them some relief.”
Henry and Montgomery counties were hardest hit when a series of tornadoes swept western Tennessee on Nov. 15. There were no fatalities, but nearly two dozen people were injured and a number of structures were destroyed or damaged. The NationalWeather Service later confirmed a total of 11 F1 or F2 tornadoes in Tennessee that day: three in Montgomery County,two in Henry County, and one each in the counties of Crockett, Dickson, Houston,Humphreys, Wayne and Weakley.
An SBAdisaster declaration makes homeowners and businesses affected by the disaster eligible for low interest loans. In thiscase, the rate for homeowners will be 2.687 percent or 5.375 percent, depending on whether they can get credit elsewhere, and business rates range from 4 to6.557 percent.
SBA declarations make victims in adjacent counties eligible for aid as well, so the declaration includes the Tennessee counties of Benton, Carroll, Cheatham,Dickson, Houston, Robertson, Stewart and Weakley, and the Kentucky counties ofCalloway, Christian, Graves and Todd. Those affected have until Jan. 30 to apply for relief from physical damage and until Aug. 28 to apply for relief from economic injury caused by theNov. 15 storms.

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