WASHINGTON – Residents and businesses affected by the severe storms and flooding that occurred Dec. 12 – 18, 2009, in Escambia County, Ala., can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Karen G. Mills announced today.
Administrator Mills made the loans available in response to a letter on Dec. 23 from Alabama Gov. Bob Riley, requesting a disaster declaration by the SBA. The declaration covers Escambia County and the adjacent counties of Baldwin, Conecuh, Covington and Monroe in Alabama; and the counties of Escambia, Okaloosa and Santa Rosa in Florida.
“The SBA is strongly committed to providing the people affected by these storms and floods with the most effective and customer-focused response possible, to assist homeowners, renters, and businesses of all sizes with federal disaster loans,” said Administrator Mills. “Getting our businesses and communities up and running after a disaster is our highest priority.”
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Director Frank Skaggs of SBA’s Disaster Field Operations Center in Atlanta. SBA’s customer service representatives will be on hand at the Disaster Loan Outreach Centers to issue loan forms, answer questions about the SBA’s disaster loan program, explain the process and help individuals complete their applications.
The Centers will be located in the following community and will open as indicated:
|Atmore Public Library||Escambia County Courthouse|
|700 East Church Street||Emergency Management Office|
|Atmore, AL 36502||314 Belleville Avenue – Room 109|
|Open: Tue., Jan. 5 - Fri., Jan 8 from 8 a.m. to 4:30 p.m.;||Brewton, AL 36426|
|Sat., Jan. 9 from 8 a.m. to 1 p.m.||Open: Mon., Jan. 11 and Tue., Jan. 12 from 8 a.m. to 4 p.m.|
|Closing: Sat., Jan. 9 at close of business||Closing: Tue., Jan. 12 at close of business|
“Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said Tom Todt, SBA’s Alabama district director.
The SBA also provides mitigation funds to disaster victims up to 20 percent of the verified physical damage. These funds are designed to help borrowers pay for protective measures to minimize damages of the same kind in the future.
For small businesses, and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.562 percent for homeowners and renters, 4 percent for businesses and 3 percent for non-profit organizations with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Individuals and businesses unable to visit one of the Centers in person may obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing impaired), Monday through Friday from 8 a.m. to 6 p.m. EST, or by sending an e-mail to email@example.com. Business loan applications can also be downloaded from the SBA Web site at www.sba.gov/services/disasterassistance. Completed applications should be returned to one of the Centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Alabama residents affected by the severe storms and flooding may apply for disaster loans from SBA’s secure Web site at https://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical property damage is March 1, 2010. The deadline to return economic injury applications is September 29, 2010.
For more information about the SBA’s Disaster Loan Programs, visit our Web site at www.sba.gov/services/disasterassistance.
|December 30, 2009 Rel. 10-163 AL 11986 SBA Disaster Low Interest Loans Available.pdf||42.05 KB|