Small Businesses Hurt By December Storms Qualify for Disaster Assistance

Date: January 19, 2016

Gov. Robert Bentley said on Jan. 15 that the U.S. Small Business Administration has approved a request for disaster assistance for Coffee, Jefferson, Montgomery, Morgan and surrounding counties. The approval is based damage assessments from severe storms and flooding that occurred Dec. 24-31. Governor Bentley made the request to the SBA on Jan. 11.

The disaster declaration covers the primary counties of Coffee, Jefferson, Montgomery and Morgan counties. It also covers counties that are contiguous to these primary counties. Those counties are Autauga, Bibb, Blount, Bullock, Covington, Crenshaw, Cullman, Dale, Elmore, Geneva, Lawrence, Limestone, Lowndes, Macon, Madison, Marshall, Pike, Shelby, St. Clair, Tuscaloosa, and Walker counties .

In all counties covered by the SBA disaster declaration, homeowners, renters, businesses and nonprofit organizations that qualify will have the following options from the SBA:

Home disaster loans: Renters and homeowners alike may borrow up to $40,000 to repair or replace clothing, furniture, cars, appliances, etc., damaged or destroyed in the storms. Homeowners may apply for up to $200,000 to repair or replace their primary residence to its pre-disaster condition.

Business physical disaster loansLoans of up to $2 million to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, nonprofit organizations such as charities, churches, private universities, etc., are also eligible.

Economic injury disaster loans: If a small business or private, nonprofit organization has suffered economic injury, regardless of physical damage, and is located in an SBA-declared disaster area, they may be eligible for financial assistance of up to $2 million from the U.S. Small Business Administration.

Alabamians interested in applying for SBA low-interest rate loans can receive more information by calling the SBA’s Customer Service Center at 800-659-2955 or 800-877-8339 for the deaf and hard-of-hearing.  

The SBA Disaster Customer Service Center may also be reached by email at [email protected]. More information, including SBA disaster loan fact sheets, can be found on the SBA’s website

“Small business thanks the Small Business Administration for moving so quickly to approve Governor Bentley’s request,” said Rosemary Elebash, state director of NFIB/Alabama, the state’s leading small-business association. 

Related Content: Small Business News | Alabama

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