Tuscaloosa city officials will soon be taking applications for loans of up to $20,000 aimed at helping businesses rebuild in the city's tornado recovery zone.
The Tuscaloosa News reports (http://bit.ly/15TZchw) the Alabama Department of Economic and Community Affairs recently gave the city approval to use $500,000 for the loans. Businesses meeting certain terms will have their loans revert to grants, meaning the money won't have to be repaid.
The city council in Tuscaloosa is expected to vote Tuesday on a contract that would secure a $10 million line of credit to help fund storm recovery efforts.
The Tuscaloosa News reports (http://bit.ly/URA3B4) that if approved, it would mark the first money the city would borrow to pay for the millions of dollars in costs associated with rebuilding and cleaning up Tuscaloosa following the tornado of April 27, 2011.