Alabama has been granted disaster loans for citizens and businesses affected by the severe weather that spurred a tornado in January. The loans are given by the Small Business Administration and cover Autauga, Chilton, Coosa, Macon, Montgomery and Tallapoosa counties.
Those wishing to apply can do so at the Disaster Loan Outreach Center in Wetumpka or online at disasterloan.sba.gov.
Both businesses and nonprofits can borrow up to $2 million to repair or replace damaged real estate, machinery and equipment, inventory, or other assets. Homeowners can borrow up to $200,000 for damaged real estate and $40,000 for personal property.
The loans have interest rates as low as 3.74 percent for businesses, 2.75 percent for nonprofit organizations, and 2 percent for homeowners and renters.
“The Small Business Administration is providing a much needed opportunity for recovery funding to the citizens of Wetumpka,” Governor Ivey said in a statement. “Many individuals and businesses will benefit greatly from the federal disaster loans that SBA offers as they continue to recover following the devastating tornado that heavily damaged parts of the community.”
The deadline for applications for physical property damage is April 22 and the deadline for economic injury applications in November 21.