ATLANTA – The U.S. Small Business Administration (SBA) announced today that the SBA has now approved over $1 million in low-interest disaster loans for Alabama businesses and residents affected by the severe storms and tornadoes on March 19-20, 2018.
“Currently, 37 disaster loans have been approved in the amount of $1,812,200 for affected survivors. SBA representatives are in Alabama to assist survivors with their recovery. SBA disaster loans are an affordable way for businesses and residents to rebuild and resume their normal lives as quickly as possible,” said Richard Morgan, acting director of SBA’s Field Operations Center East in Atlanta.
The disaster declaration covers Calhoun, Cullman and Etowah counties in Alabama , which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Blount, Cherokee, Cleburne, DeKalb, Lawrence, Marshall, Morgan, Saint Clair, Talladega, Walker and Winston in Alabama.
Businesses and nonprofits can apply up to $2 million to repair or replace disaster damaged real estate, machinery, equipment, inventory, and other business assets. Loans for working capital, known as Economic Injury Disaster Loans, are available even if the business did not suffer any physical damage. Homeowners can apply up to $200,000 to repair or replace disaster damaged real estate. Homeowners and renters can apply up to $40,000 to repair or replace damaged personal property including automobiles.
Interest rates are as low as 3.58 percent for businesses, 2.5 percent for private nonprofit organizations, and 1.813 percent for homeowners and renters, with terms up to 30 years. The SBA customizes loan amounts and terms based on each applicant’s circumstances.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at Disasterloan.sba.gov .
To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to disastercustomerservice@sba.gov . Completed applications should be returned to a recovery center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. For more information about SBA recovery assistance, visit sba.gov .
The filing deadline to submit applications for physical property damage is June 25, 2018 . The deadline for economic injury applications is Jan. 28, 2019 .
ATLANTA – The U.S. Small Business Administration (SBA) announced today that the SBA has now approved over $1 million in low-interest disaster loans for Alabama businesses and residents affected by the severe storms and tornadoes on March 19-20, 2018.
ATLANTA –
“Currently, 37 disaster loans have been approved in the amount of $1,812,200 for affected survivors. SBA representatives are in Alabama to assist survivors with their recovery. SBA disaster loans are an affordable way for businesses and residents to rebuild and resume their normal lives as quickly as possible,” said Richard Morgan, acting director of SBA’s Field Operations Center East in Atlanta.
The disaster declaration covers Calhoun, Cullman and Etowah counties in Alabama , which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Blount, Cherokee, Cleburne, DeKalb, Lawrence, Marshall, Morgan, Saint Clair, Talladega, Walker and Winston in Alabama.
Alabama Alabama.
Businesses and nonprofits can apply up to $2 million to repair or replace disaster damaged real estate, machinery, equipment, inventory, and other business assets. Loans for working capital, known as Economic Injury Disaster Loans, are available even if the business did not suffer any physical damage. Homeowners can apply up to $200,000 to repair or replace disaster damaged real estate. Homeowners and renters can apply up to $40,000 to repair or replace damaged personal property including automobiles.
Interest rates are as low as 3.58 percent for businesses, 2.5 percent for private nonprofit organizations, and 1.813 percent for homeowners and renters, with terms up to 30 years. The SBA customizes loan amounts and terms based on each applicant’s circumstances.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at Disasterloan.sba.gov .
To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to disastercustomerservice@sba.gov . Completed applications should be returned to a recovery center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. For more information about SBA recovery assistance, visit sba.gov .
The filing deadline to submit applications for physical property damage is June 25, 2018 . The deadline for economic injury applications is Jan. 28, 2019 .
June 25, 2018 . Jan. 28, 2019