Working capital loans are available for Alabama businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations that were affected by Tropical Storm Cindy with tornadoes and flooding between June 21-23, 2017.
“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 May 1 deadline,” said Frank Skaggs, director of the Small Business Administration’s Field Operations Center East.
Low-interest disaster loans are available for the organizations in Bibb, Blount, Jefferson, St. Clair, Shelby, Tuscaloosa, and Walker counties, the SBA said.
Working capital disaster loans up to $2 million are available at 3.215 percent interest for small businesses, and 2.5 percent for private, nonprofit organizations, with terms up to 30 years.
The loans can be used to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, eligible entities need to apply by the deadline.
Survivors may apply securely online using the Electronic Loan Application.
Businesses may also obtain information and loan applications by calling the the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov.
Loan applications can also be downloaded at www.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.
As a reminder, the deadline to return economic injury applications is May 1, 2018.
Visit SBA’s Disaster Loan Program online for more information.