Local small businesses encouraged to apply for Economic Disaster Loans

On Saturday morning, the front gate to the Jack Daniel’s Visitors Center remained locked and the usually bustling parking lot looked completely empty. Temporary closings at the distillery are affecting small businesses in Lynchburg. {Lynchburg Times Photo}

STATE NEWS — As cases in the state continue to increase daily, the Jack Daniel Visitors Center still has no idea when they’ll be able to lift the temporary shut down of public tours and re-open the Lynchburg Hardware and General Store and Miss Mary Bobo’s Restaurant. Without them, the steady stream of over 300,000 guest to our charming, little hamlet have slowed to a drip and many local business are feeling the crunch.

On Thursday, Governor Bill Lee announced that Tennessee received a declaration for Economic Injury Disaster, which gives Lynchburg small businesses the green light to apply for Small Business Administration (SBA) loans to help with losses from the COVID-19 situation.

“I applaud the efforts of the SBA in swiftly processing and approving Tennessee’s request for Economic Injury Disaster Loan assistance,” Lee said. “Small businesses and nonprofits across the state are suffering greatly in the wake of this pandemic, and these loans will help overcome the temporary loss of revenue companies are experiencing during this difficult time.”

The loans can be used to pay fixed debts, payroll, accounts payable or other bills that can’t be paid due to the disaster’s impact. Interest rates for the loans are 3.75 percent for small businesses and 2.75 percent for nonprofit organizations.

To apply online, visit the Disaster Assistance page on the U.S. Small Business Administration website, click here for a link. Lynchburg small businesses may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. •

The Lynchburg Times is the only independently owned and operated newspaper in Moore County … covering Metro Moore County government, Jack Daniel’s Distillery, Nearest Green Distillery, the Lynchburg Music Fest, Tims Ford State Park, Motlow State Community College, Moore County High School, Moore County Middle School, Lynchburg Elementary, Raider Sports, plus regional and state news.}

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