ATLANTA – The U.S. Small Business Administration (SBA) is reminding businesses in Alabama that working capital loans are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations affected by severe storms, straight-line winds and tornadoes on Jan. 12, 2023.
“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 Oct. 16 deadline,” said Ed Fears, acting director of SBA Field Operations Center East.
The disaster declaration covers Autauga and Dallas counties, and the following adjacent counties: Chilton, Elmore, Lowndes, Marengo, Montgomery, Perry and Wilcox in Alabama.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
The loan amount can be up to $2 million. Interest rates are 3.305% for businesses, and 2.375% for nonprofit organizations, with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition. 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 # 17760.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or by sending an email to DisasterCustomerService@sba.gov. Loan applications can be downloaded from the SBA’s website at 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 Oct. 16, 2023.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. 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, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.