May 4, 2011

Small Business Administration Offers Loans To Rebuild Local EconomyBy William EvansCW.UA.edu

As search and rescue teams scour the disaster zones for the human casualties of the storm, the Federal Emergency Management Agency is putting plans into place to revitalize the private business sector suffering from the tornado damage. Businesses do not have to brave the storm alone.

The Federal Emergency Management Agency has appointed the Small Business Administration to take in applications for long-term, low-interest disaster loans for storm-displaced businesses suffering from damaged property or economic loss.

“The U.S. Small Business Administration is strongly committed to providing the people of Alabama with the most effective and customer-focused response possible to assist homeowners, renters, and businesses with federal disaster loans,” according to an SBA news release. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.” Businesses with damaged or destroyed property can apply for a disaster loan for physical damage.

“Businesses and private non-profit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” according to a news release from SBA.

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