Alabama Deadline for Working Capital Disaster Loans is February 2

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Dec 29, 2014, 08:55 ET

ATLANTA, Dec. 29, 2014 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration is reminding eligible entities in Alabama that low-interest economic injury loans for working capital are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations affected by the severe storms, tornadoes, high winds and flooding that occurred on April 28 - May 5, 2014 in Alabama. The deadline to apply for a working capital disaster loan is Feb. 2, 2015.

"Businesses that suffered economic losses as a result of the disaster and want to apply for
low-interest working capital loans from the SBA are urged to do so before the Feb. 2 deadline," said Frank Skaggs, director of SBA Field Operations Center East in Atlanta.

Economic Injury Disaster Loans (EIDLs) up to $2 million are available at 2.625 percent for private
non-profit organizations and 4 percent for small businesses, with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, eligible entities need to apply by the deadline.

These low interest disaster loans are available in the following counties: Baldwin, Bibb, Blount, Calhoun, Chambers, Cherokee, Clarke, Cullman, DeKalb, Escambia, Etowah, Fayette, Greene, Hale, Jackson, Jefferson, Lauderdale, Lawrence, Lee, Limestone, Macon, Madison, Marshall, Mobile, Monroe, Morgan, Pickens, Russell, Saint Clair, Shelby, Tallapoosa, Tuscaloosa, Walker and Washington in Alabama; Escambia in Florida; Chattooga, Dade, Harris, Muscogee and Walker in Georgia; George, Greene and Jackson in Mississippi; and Giles and Lincoln in Tennessee.

Applicants may apply for disaster loans online using the Electronic Loan Application (ELA)
via SBA's secure website at https://disasterloan.sba.gov/ela

More information may be obtained by calling the SBA's Customer Service Center at 800-659-2955
(800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected]. SBA loan applications can be downloaded from www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline for economic injury applications is February 2, 2015.

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.

Release Number: 15-109, AL 13968

Contact: Michael Lampton
Email: [email protected]
Phone: (404) 331-0333

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SOURCE U.S. Small Business Administration