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SBA Opens Business Recovery Center To Help Entrepreneurs In Tennessee

Written by Jenna Weiner
Published: 5/17/2010

Struggling Tennesee small businesses get much-needed assistance from the opening of SBA Business Recovery Center.

The U.S. Small Business Administration has announced the opening of a Business Recovery Center in Clarksville, Tennessee. The establishment of the center is good news for small businesses affected by the recent storms, tornadoes and flooding that have damaged the area.

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Frank Skaggs, director of the SBA's Disaster Field Operations Center in Atlanta, said that because of the "physical and economic losses" in the area, the administration is "encouraging affected business owners to meet individually with SBA representatives and find out how a low-interest disaster loan can help them recover."

Through the SBA's recovery centers, businesses and nonprofit organizations can borrow up to $2 million dollars for repairs. The SBA also has the ability to increase the loan to cover physical improvements that decrease the risk of future property damage. Interest rates on the loans are 3 percent for nonprofits and 4 percent for businesses.

Flood-relief efforts in the area recently saw a boost as the Humana Foundation joined with businesses and individuals from around the country in donating to clean up Nashville. The foundation contributed $50,000 during a national telethon aired on the Great American Country cable channel.

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