The U.S. Small Business Administration announces the opening of a Business Recovery Center in Decatur, Alabama to help businesses that were affected by the severe storms, tornadoes, high winds and flooding that began on April 15, 2011.
Businesses and private non-profit organizations of any size may borrow up to $2Â million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations, 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.
SBA's representatives will be on hand at the Business Recovery Centers to issue loan applications, answer questions about the disaster loan program, explain the application process and assist individuals to complete their applications. The Center will be located in the following community:
 | ||
Morgan County | ||
Morgan County Courthouse – Basement | ||
302 Lee Street NE | ||
Decatur, AL 35601 | ||
Opens: | Â | Tues., May 24 at 8 a.m. |
Hours: | Wed., Thurs. and Fri., 8 a.m. – 4:30 p.m. | |
Closing: | Fri., May 27 at the close of business | |
 | ||
Other Centers are open at the following addresses: | ||
 | ||
Cullman County | ||
Cullman Area Chamber of Commerce | ||
301 2nd Avenue SW | ||
Cullman, AL 35055 | ||
Opens: | Mon., May 23, from 12 p.m. – 5 p.m. | |
Hours: | Mon-Fri 8 a.m. – 5 p.m., until further notice. | |
Closed: | Mon, May 30, in recognition of Memorial Day | |
 | ||
Tuscaloosa County | ||
Tuscaloosa Annex Building | ||
800 22nd Avenue | ||
Tuscaloosa, AL 35401 | ||
Hours: | Mon-Fri 8 a.m. – 5 p.m., until further notice. | |
Closed: | Mon, May 30, in recognition of Memorial Day | |
 |
SBA provides disaster loans to homeowners, renters and businesses of all sizes. Interest rates are as low as 2.563 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
Additional assistance may be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for people with speech or hearing disabilities) Monday through Friday from 8 a.m. to 6 p.m., Saturday from 8 a.m. to 4:30 p.m. ET or by sending an e-mail to disastercustomerservice@sba.gov.
Those affected by this disaster may fill out a loan application online by visiting SBA's secure website at https://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical property damage is June 27, 2011. The deadline to return economic injury applications is January 30, 2012.
For more information about the SBA's Disaster Loan Programs, visit our website at www.sba.gov.
Release Number: 11-413, AL 12545/12546
Contacts:
U.S. Small Business Administration
Michael Lampton, 404-331-0333