ATLANTA – The U.S. Small Business Administration (SBA) is reminding businesses in Alabama that Economic Injury Disaster Loans (EIDLs) are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations affected by a tornado on Jan. 25 – 26, 2021. The application deadline is Jan. 3, 2022.
“Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the Jan. 3 deadline,” said Kem Fleming, director of SBA Field Operations Center East.
The loans are available in the counties of Bibb, Blount, Jefferson, Saint Clair, Shelby, Tuscaloosa, and Walker in Alabama.
The loan amount can be up to $2 million with interest rates of 3 percent for small businesses and
2 percent for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration # 16914.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to DisasterCustomerService@sba.gov. Loan applications can be downloaded from sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to return economic injury applications is Jan. 3, 2022.
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit sba.gov.