Residents and business owners in Perry County can still apply for financial assistance from the U.S. Small Business Administration (SBA) following severe storms, straight-line winds, and tornadoes that occurred on January 12, 2023. While the deadline for applications regarding physical damage has passed, aid for economic injury remains accessible, with the filing deadline set for October 16, 2023.
The SBA declaration numbers 17759 and 17760 cover Perry County and several other Alabama counties. The focus is now on the Economic Injury Disaster Loans (EIDL) designed to support small businesses, agricultural cooperatives, aquaculture enterprises, and nonprofits impacted by the disaster.
These loans can provide up to $2 million in aid, aiming to help meet working capital needs or normal business operating expenses through the recovery period. This much-needed support targets the economic side effects of the disaster on local economies, businesses, and communities.
Applicants must demonstrate an acceptable credit history, the ability to repay all loans, and, for loans over $25,000, pledge available collateral. The interest rates for these EIDL loans range from 2.375% for non-profit organizations to 3.305% for businesses, with rates fixed for the term of the loan. Furthermore, if approved, loan recipients may be eligible for additional funds to protect their property against future damage. This could include measures such as retaining walls, seawalls, and sump pumps. Help with refinancing prior mortgages is available under specific conditions, and relocation support is provided for those looking to move.
Applications can be submitted online at https://disasterloanassistance.sba.gov/ela. For more information, contact the SBA Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov.
