The U.S. Small Business Administration (SBA) is reminding businesses of all sizes, private nonprofit organizations, homeowners, and renters in Alabama of the May 6 deadline to apply for physical damage disaster loans. Anyone in the declared counties with damages from the tornado on Feb. 3 should apply for the low-interest disaster loan program.
The declaration includes Hale County, Alabama, and the adjacent counties of Bibb, Greene, Marengo, Perry and Tuscaloosa in Alabama.
Interest rates are as low as 2.94 percent for businesses, 1.875 percent for nonprofit organizations, and 1.438 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 DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration #17365. Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955
