Clanton - Alabama is seeking assistance from the U.S. Small Business Administration as one avenue to support the state in its recovery from the Christmas Day storms. If the SBA request is granted, homeowners, renters and business owners may be eligible for disaster and economic injury loans. The qualified storm survivors will have the following options.
Home Disaster Loans
Renters and homeowners alike may borrow up to $40,000 to repair or replace clothing, furniture, cars, appliances, etc. damaged or destroyed in the disaster. Homeowners may apply for up to $200,000 to repair or replace their primary residence to its pre-disaster condition.
Business Physical Disaster Loans
Loans up to $2 million to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
Economic Injury Disaster Loans
If a small business or private, nonprofit organization has suffered economic injury, regardless of physical damage, and is located in a declared disaster area, they may be eligible for financial assistance up to $2 million from the U.S. Small Business Administration.
Joint SBA damage assessments will take place in Mobile and Pike Counties next week.
Serve Alabama continues to encourage storm survivors in need of assistance to call 2-1-1 (or toll free 1-888-421-1266) for more information on available recovery resources in your area.