As Small Business Disaster Recovery Specialists, we are committed to supporting Alabama’s small business community during challenging times. We are pleased to announce that the U.S. Small Business Administration (SBA) has made Economic Injury Disaster Loans (EIDLs) available to businesses and nonprofits suffering economic losses due to the recent drought.
Eligibility and Areas Affected:
- Small businesses, small agricultural cooperatives and most private nonprofit organizations are eligible.
- Affected areas include Baldwin, Conecuh, Escambia, Mobile Monroe and neighboring counties.
Franciso Sanchez Jr. of the SBA’s Office of Disaster Recovery & Resilience highlights the significance of these loans in sustaining rural economies affected by agricultural losses. It’s vital for impacted businesses to have access to financial resources during such times.
Loan Details:
- Nurseries are eligible, but other agricultural producers are not.
- Loans up to $2 million are available.
- Interest rates: 4% for small businesses, 2.375% for nonprofits.
- Terms up to 30 years, with repayments starting 12 months after disbursement.
These loans are planned to cover operative costs like payroll and fixed debts, not to replace lost sales or profits.
How We Can Assist:
- Our team offers comprehensive assistance in applying for these loans.
- We provide expert guidance on navigating the application process and understanding the loan terms.
Application Process:
- Apply online at DisasterLoanAssistance.sba.gov/ela/s/ (SBA declaration # 18197).
- Contact the SBA’s Customer Service Center at 800-659-2955 or via email at DisasterCustomerService@sba.gov for additional help.
- Download applications from sba.gov/disaster and mail them to the SBA Processing and Disbursement Center.
The deadline for applications is May 20, 2024. This is a vital opportunity for businesses to secure the necessary funds to recover from the drought’s economic impact.At Small Business Disaster Recovery Specialists, we are here to support you every step of the way through this challenging period. Our expertise in disaster recovery solutions ensures that your business has the best chance to not only withstand this hardship but to emerge stronger. Contact us today for personalized assistance and to learn more about how we can help your business navigate through these times.
