Small Business Finance News

Small Businesses In Alabama Qualify For SBA Disaster Loans

Written by Jenna Weiner
Published: 6/23/2009

Following President Obama's recent declaration of a federal disaster in Alabama, many small businesses qualify for disaster loans from the Small Business Association.

After suffering through severe storms and flooding in Alabama in early May, there is finally some good news for small business owners.

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Karen G. Mills, administrator of the U.S. Small Business Administration, announced this week that the SBA is ready and willing to assist small businesses with the federal disaster loans for which they are now eligible, following the presidential disaster declaration.

"The U.S. Small Business Administration is strongly committed to providing the most effective and customer-focused response possible to assist homeowners, renters, and small businesses with federal disaster loans," said Mills. "Getting our businesses and communities up and running after a disaster is our highest priority at SBA."

Businesses in a select number of Alabama counties qualify for both Physical and Economic Injury Disaster Loans from the SBA, while businesses in other counties qualify for SBA Economic Injury Disaster Loans.

The loans - with amounts of up to $2 million and rates as low as 4 percent, with 30 year terms - are available to help small business owners and organizations replace or repair property, inventory, machinery or equipment, or other business assets.

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