Small business loans available for October storm damage
The US Small Business Administration opened a Business Recovery Center at the Hoover Recreation Center earlier this month to help business owners apply for federal loans to recover from damage sustained during severe storms and flooding from 6-7 October in Alabama.
The deadline to apply for disaster relief loans for property damage caused by these storms is February 21.
The center offers one-on-one assistance in submitting disaster loan applications to people affected by storms and floods.
The disaster declaration covers Jefferson and Shelby counties in Alabama, which are eligible for federal loans. For physical and economic disaster loans.
Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply for SBA Economic Disaster Loans: Bibb, Blount, Chilton, Coosa, Saint Clair, Talladega, Tuscaloosa, and Walker Alabama .
Businesses and private non-profit organizations of any size can borrow up to $2 million to repair or replace real estate, machinery and equipment, inventory and other business assets damaged or destroyed by a disaster .
So far, at least 24 loans have been approved for a total of over $1.2 million.
The SBA Business Recovery Center is located in the Board Room of the Hoover Recreation Center, 600 Municipal Drive in Hoover.
Hours are Monday through Friday, 9 a.m. to 6 p.m.
The office is closed on weekends.
Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website here, and should apply under SBA statement #17289.
To be considered for all forms of disaster assistance, applicants must register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is not available, applicants should call FEMA’s toll-free hotline at 800-621-3362. Those using 711 Relay or Video Relay services should call 800-621-3362. Businesses and individuals can also obtain loan information and applications by calling the SBA Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing) or by emailing an email to [email protected] Loan applications can also be downloaded at sba.gov/disaster.
Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.