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SBA sets October deadline for storm relief loans

The U.S. Small Business Administration is reminding Alabama businesses they still have time to apply for working capital loans following the severe storms, straight-line winds, and tornadoes that impacted the state last January. 

The month saw Alabama ravaged by two tornado outbreaks, with one outbreak producing 13 strong tornadoes. 

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“Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the Oct. 16 deadline,” said Ed Fears, acting director of SBA Field Operations Center East.

Specifically, the disaster declaration is applicable to businesses in Autauga and Dallas counties. Additionally, the adjacent counties of Chilton, Elmore, Lowndes, Marengo, Montgomery, Perry, and Wilcox in Alabama are also covered.

The SBA’s Economic Injury Disaster Loans (EIDLs) are available to provide relief. 

These loans are intended for small businesses, small agricultural cooperatives, small businesses involved in aquaculture, and most private nonprofit organizations to help Alabama residents meet their working capital needs that arose due to the disaster. The loan amount can be up to $2 million.

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It’s important to note that EIDL assistance is available even if the business did not experience any physical property damage.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration # 17760. 

Grayson Everett is a staff writer for Yellowhammer News. You can follow him on Twitter @Grayson270 

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