SBA Business Recovery Centers in Alabama Temporarily Closing Monday, Feb. 20, in Observance of Presidents Day; Physical Loan Application Deadline is March 16

ATLANTA – The  U.S. Small Business Administration (SBA) announced today it will temporarily close its Business Recovery Centers in Autauga and Dallas counties in Alabama on Monday, Feb. 20, in observance of Presidents Day. SBA opened the centers to assist Alabamians affected by the severe storms, straight-line winds and tornadoes that occurred Jan. 12.  

SBA encourages businesses of all sizes, private nonprofit organizations, homeowners, and renters to apply for a disaster loan before the March 16 deadline. Anyone in the declared Alabama counties should apply for the disaster recovery loan program. Disaster survivors with insurance should not wait for their settlement before applying to the SBA.  The SBA can make a loan for the total loss and use insurance proceeds to reduce or repay the loan. As of today, the SBA had approved 79 loans for a total of $3,784,700.

The SBA offers low-interest, long-term disaster loans to assist those with losses resulting from a declared disaster.  Loans are available for physical damage and working capital.  To take advantage of this opportunity, disaster survivors need to apply by the deadline.

The disaster declaration covers Autauga, Coosa, Dallas, Elmore, Greene, Hale, Mobile, Morgan, Sumter and Tallapoosa 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 (EIDLs): Baldwin, Bibb, Chambers, Chilton, Choctaw, Clay, Cullman, Lawrence, Lee, Limestone, Lowndes, Macon, Madison, Marengo, Marshall, Montgomery, Perry, Pickens, Randolph, Shelby, Talladega, Tuscaloosa, Washington and Wilcox in Alabama; and George, Greene, Jackson, Kemper, Lauderdale and Noxubee in Mississippi.

SBA is operating two local Business Recovery Centers to assist business owners and residents in filling out a disaster loan application and providing program information. The centers are operating as indicated below until further notice:

Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the BRCs are encouraged to wear a face mask.

Interest rates are as low as 3.305 percent for businesses, 2.375 percent for nonprofit organizations, and 2.313 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/  and should apply under SBA declaration # 17759.

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.

Disaster loan information and application forms can 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 sending an email to DisasterCustomerService@sba.gov. Loan applications can also 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 filing deadline to return applications for physical property damage is March 16, 2023. The deadline to return economic injury applications is Oct. 16, 2023.

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About the U.S. Small Business Administration 

Recently, U.S. SBA Administrator Isabella Casillas Guzman announced a policy change granting 12 months of no payments and 0 percent interest.  This pertains to all disaster loans approved in response to disasters declared on or after Sept. 21, 2022, through Sept. 30, 2023. This policy change will benefit disaster survivors and help them to decrease the overall cost of recovery by reducing the amount of accrued interest they must repay. Details are available through the SBA Disaster Assistance Customer Service Center at 800-659-2955. Individuals with verbal or hearing impairments may dial 7-1-1 to access telecommunications relay services from 8 a.m. to 8 p.m. ET, Monday to Friday, or email: DisasterCustomerService@sba.gov.

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.