Hurricane Michael Recovery Effort

Alabama businesses and residents affected by Hurricane Michael on October 10 – 13, 2018, can apply for low-interest disaster loans from the U.S. Small Business Administration

The declaration covers the Geneva and Houston counties, and the adjacent counties of Coffee, Covington, Dale and Henry, in Alabama

 For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets

“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,

Interest rates are as low as 3.675 percent for businesses, 2.5 percent for nonprofit organizations, and 2 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.

The filing deadline to return applications for physical property damage is Jan. 22, 2019. The deadline to return economic injury applications is Aug. 20, 2019.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.

Businesses and individuals may also obtain information and loan applications by calling 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.

Completed applications should be returned to the centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

SBA’s Customer Service Representatives will also be available at the Disaster Loan Outreach Centers to answer questions about the disaster loan program and help individuals complete their applications.

The Centers are located in the following community and are open as indicated: