"Currently, 17 homes disaster loans have been approved in the amount of $1,254,500.00 for affected victims," said Frank Skaggs, Director of SBA Field Operations Center East. "We are pleased to be able to get these loans approved so the residents of Alabama can start rebuilding and resume their normal lives."
"Victims are urged to complete and return their SBA disaster loan application by the April 21, 2008 deadline. "SBA is here to help you with your recovery efforts. I encourage anyone who has not completed their disaster loan application to do so and return it as quickly as possible," Skaggs added
Disaster victims in the following counties are eligible to apply: Autauga, Blount, Chilton, Colbert, Cullman, Dallas, Elmore, Fayette, Franklin, Lawrence, Lowndes Jefferson, Lauderdale, Limestone, Marion, Montgomery, Morgan, Tuscaloosa, Walker and Winston.
The Small Business Administration offers loans up to $200,000 to repair disaster damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture, appliances and clothing. Loans to businesses of all sizes and non-profit organizations are available up to $1.5 million to repair damage to real estate, machinery, inventory and equipment. Economic Injury Disaster Loans are also available to small businesses unable to pay bills or meet operating expenses because of the disaster. Interest rates are as low as 2.750 percent for homeowners and renters and 4.000 percent for businesses with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant's financial condition.
The SBA also offers mitigation funds to disaster victims who have approved physical loans. The SBA mitigation funds are designed to help borrowers fund protective measures to prevent damages of the same kind in the future. To help fund these protective measures, borrowers may request an additional 20 percent of their approved loan amount. -- U.S. Small Business Administration
