TROY small business center ready to help with disaster loans

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TROY, Ala (TROY) -- The Small Business Development Center at Troy University has been tasked by the U.S. Small Business Administration to offer assistance to area businesses navigating the SBA Disaster Loan Process.

On Saturday, the SBA declared the entire state of Alabama a disaster area, freeing low-interest federal disaster loans for working capital to Alabama small businesses suffering substantial economic injury as a result of the COVID-19 outbreak, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act, recently signed by Pres. Donald Trump. The disaster was declared following a March 17 request by Gov. Kay Ivey.

“At this time, we’re answering questions about the application process, advising what documentation small business owners need to begin gathering to complete it, and where they can find requested SBA forms online,” said Betsy Baker, senior advisor at the TROY SBDC. “We’ll also be available to offer screen sharing to walk them through the application if needed. We also want to emphasize that application can be made with our assistance at no charge.”

The SBDC is a network of technical assistance centers located throughout the state that routinely delivers planning and training for small businesses, and Baker said the SBA is officially partnering with the SBDCS to disseminate the most up-to-date information.

“We want to be known as the ‘go-to local resource’ for our businesses,” she said.

Businesses can now begin the online application at: https://disasterloan.sba.gov/ela/. Questions regarding the application process can be emailed to Baker at bakerb@troy.edu, or by calling the SBDC office at 334-770-2620.

Documentation that will be required to complete the application include:
• Completed SBA loan application (SBA Form 5 or 5C).
• Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates.
• Complete copies of the most recent Federal Income Tax Return.
• Schedule of Liabilities (SBA Form 2202).
• Personal Financial Statement (SBA Form 413).

Other Information may also be requested. Although a paper application and forms are acceptable, filing electronically is easier, faster and more accurate.

“The Alabama Small Business Development Center at Troy University is ready to assist you with your application at no cost. Don’t fall for scammers telling you that they can get this loan assistance quicker,” Baker said. “All applications will be processed in the order they are received.”