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Small Business

April 28 Deadline Approaching in Alabama to Apply for SBA Working Capital Loans

ATLANTA — The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes that April 28 is the filing deadline for federal economic injury disaster loans. These loans are available in Jackson and Lauderdale counties in Alabama as a result of excessive rain and flooding  that began on March 1, 2013.

“These counties are eligible because they are contiguous to one or more primary counties in Tennessee.  The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” according to Frank Skaggs, director of SBA’s Field Operations
Center East.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.  With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.

The working capital loan amount can be up to $2 million with interest rates of 4 percent for eligible small businesses and 2.875 percent for non-profit organizations with terms up to 30 years.

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

Disaster loan information and application forms may also 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 disastercustomerservice@sba.gov.  Loan applications can be downloaded from the SBA’s website at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to return economic injury loan application is April 28, 2014.

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


SBA Logo

March 31, 2014

Contact: Michael Lampton
Email: Michael.Lampton@sba.gov
Phone: (404) 331-0333

Release Number: 14-151, TN

SOURCE U.S. Small Business Administration

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