Small Business Administration Disaster Assistance Loans
The U.S. Small Business Administration (SBA) is offering low-interest loans to Lee County businesses of all sizes, private nonprofit organizations, homeowners, and renters. They are encouraging impacted businesses and residents to first apply for assistance at disasterassistance.gov and then submit an application to SBA to get much-needed funds for their uninsured and under-insured losses.
Small businesses in the contiguous counties of Chambers, Macon, Russell, and Tallapoosa, AL, are eligible to apply for economic injury disaster loans.
Business Recovery Center
SBA is operating a Business Recovery Center that has staff available to help ANYONE in Lee County applying for a disaster loan, including renters and homeowners.
Address:
Southern Union State Community College
Technical Building 7, 1st Floor, Classroom 5
301 Lake Condy Road
Opelika, AL 36801
Hours:
Monday-Friday, 8 a.m.-5 p.m.
Applications can also be made online at: disasterloan.sba.gov and by calling 1-800-659-2955, up until the deadline of May 6, 2019.
Program Highlights
- Uninsured damage occurring March 3 is eligible for a possible SBA Disaster Assistance loan.
- The deadline to apply for physical damage loans is May 6.
- Loans for homeowners and renters are as low as 2.063% with a term up to 30 years.
- Loans for businesses are as low as 4.0% with a term up to 30 years.
- Loans for churches and other private, non-profits are 2.75%, with a term up to 30 years.
- Loans are directly from the federal government—the rate and term will not change.
- If offered a loan, you have 60 days to decide to accept, and can decline it or accept a partial amount. If you decline, you have 6 months to change your mind and reapply.
- Individuals and Businesses can borrow up to $25,000 without a lien on their property (no collateral).
- SBA is deferring the first payment due on these loans for four months, so that businesses and residents can make repairs and replacements before
- payments begin one the fifth month from when you sign the promissory note.
- Small businesses and most private, non-profit organizations can also apply for Economic Injury Disaster Loans to meet working capital needs caused by the disaster. The deadline for working capital loan applications is December 5, 2019.
- Owners of rental properties may apply for a business loan.
- Online applications: Disasterloan.sba.gov or call: 800-659-2955 with questions or to request a paper loan application.