SBA Loan Approvals in Alabama Surpass $100 Million for Hurricane Katrina Victims31 March 2006
More than $100 million in U.S. Small Business Administration disaster assistance loans have been approved for over 2,300 residents and business owners in Alabama who were affected by Hurricane Katrina.
"Our efforts to provide rebuilding loans to the people of Alabama are beginning to pay off," said SBA Field Operations Center East Director Frank Skaggs. "The steps we have taken thus far have enhanced our loan processing capabilities. This allows us to approve disaster loans much quicker, enabling the much needed funds to reach the hands of disaster victims sooner, so that the process of re-building can begin."
In Alabama, the SBA has approved 2,384 disaster loans for $101,372,600.
The interest rates for these loans are as low as 2.687 percent for homeowners and renters and 4.000 percent for businesses with loan terms up to 30 years. Economic Injury Disaster Loans (EIDLs) are available to small businesses unable to pay bills or meet operating expenses because of the disaster with loan limits up to $1.5 million. Actual loan amounts and terms are set by the SBA, and are based on each applicant's financial condition.
Applications and program information are available by calling SBA's Customer Service Center at 800-659-2955 Monday through Saturday during the hours of 8:00 AM to 9:00 PM EST. Business loan applications may also be downloaded from the SBA Website at http://www.sba.gov/disaster.
The deadline for returning applications for economic injury is May 29, 2006. The deadline for physical damage has passed (March 11, 2006).
For more information about the SBA's Disaster Loan Programs, visit our website at http://www.sba.gov/disaster.
Source: prnewswire
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