NEWPORT-Over 40 business owners learned more about available loans during a meeting Tuesday at the Community Center.

David Tiller, Small Business Administration representative from Nashville, presented a power point program regarding different types of available disaster loans.

Also there were Larry Rossini, Small Business Development Center; Ronald Way, Tennessee Department of Economic and Commercial Development; and Carl Shamblin, East Tennessee Development District.

According to Tiller, businesses affected by the I-40 rockslide may qualify for EIDL (Economic Injury Disaster Loans).

"These are usually low interest (3-6 percent) and are processed out of Atlanta," Tiller said. "The deadline to apply for these is August."

These loans, he continued, provide working capital "to alleviate economic injury" with the money used to "pay fixed debts, payroll, accounts payable, and other business expenses that cannot be paid because of the disaster's impacts."

According to qualify for these loans, owners must be able to identify the "exact problems caused by the disaster," Tiller said.

Rossini added, "You have to have complete tax returns and current financials. You also have to demonstrate you ability to repay, and that's tough."

These loans, according to Tiller, are available only to entities and owners "who cannot provide for their own recovery from non-government sources, as determined by SBA."

Tiller also discussed collateral requirements .

"The SBA will take real estate as collateral," he said, "when it is available. SBA will not decline a loan for lack of collateral, but requires you to pledge what is available."

"Don't let anyone tell you not to apply," he emphasized.

Other loans available include ARC loans, which are up to $35,000. "These are totally interest free," Tiller said, "and have been available since June 2009. You must have been in business for two years and show a cash flow for one year. They are very hard to get."

Another type of loan is the 504 Loan Program, which can be used for land, buildings, and fixtures. "These come at or below market rates," Tiller said, "and are popular with hotels, motels, and marinas."

Lastly he told the group about Community Express Loans, which are for up to $25,000. "They require no collateral. This program has been extended for another year," he said.

More information about these loans is available from the Newport/Cocke County Chamber of Commerce (423-623-7201) or by calling 1-800-659-2955 or online at disastercustomerservice@sba.gov.