NASHVILLE, Tenn. (WKRN) — At least 300 small businesses in Tennessee have applied for disaster assistance loans; however, the Small Businesses Administration (SBA) has hit a funding lapse after awarding four loans to the Volunteer State, totaling $171,300.
Earlier this month, the SBA warned that it could run out of funding, given the anticipated surge in claims from Hurricane Helene.
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The SBA is pausing new loan offers until it gets more funding from Congress. However, SBA Administrator Isabel Casillas Guzman said people should keep applying for the loans.
“I have all the confidence in the world of our state and federal legislators who have been up here several times,” said Miles Burdine, Kingsport Chamber of Commerce president and CEO. “They’ll resolve the issue.”
In the meantime, there are other funding opportunities available, including one that Burdine is helping organize.
Region A.H.E.A.D., or Appalachian Highlands Economic Aid Directory, has …