News release

SBA Launches Disaster Assistance for County Residents Impacted by Hurricane Helene

Sevier County, Tennessee (October 3, 2024) – The U.S. Small Business Administration (SBA) has announced the availability of low-interest disaster loans for Sevier County residents who have been impacted by Hurricane Helene and the subsequent flooding of the French Broad River.

Eligible homeowners can apply for disaster loans up to $500,000 to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are also eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property, including automobiles.

“The SBA disaster loans are a great tool to help our residents get federal assistance after the flooding,” said Sevier County EMA Director Joe Ayers. “We strongly encourage anyone impacted to apply and take advantage of this opportunity for assistance.”

Key Loan Information:

  • Loan Amounts: Up to $500,000 for homeowners; up to $100,000 for homeowners and renters to repair or replace personal property.
  • Interest Rates: As low as 2.813% for homeowners and renters.
  • Loan Terms: Up to 30 years, with no interest or payments due until 12 months from the date of the initial disbursement.
  • Eligibility: Based on each applicant’s financial condition and disaster-related damages.

Application Deadlines:

  • Physical Damage Application Deadline: November 27, 2024
  • Economic Injury Application Deadline: June 30, 2025

Applicants are encouraged to apply online at sba.gov/disaster or contact the SBA’s Customer Service Center at (800) 659-2955. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

With recent changes to FEMA’s Sequence of Delivery, residents are now encouraged to simultaneously apply for FEMA grants and SBA low-interest disaster loan assistance to fully recover. FEMA grants can cover necessary expenses not paid by insurance or other sources, while SBA disaster loans are designed for long-term recovery and getting families back to their pre-disaster condition. Do not wait for a FEMA grant decision—apply now to receive additional assistance.