More than $1 million in loans available for victims of October flooding
BIRMINGHAM, Ala. (WBRC) - More than $1 million of disaster relief money is being made available to Shelby and Jefferson county residents impacted by last year’s deadly October floods.
24 disaster loans have been approved for those still dealing with damage and clean up.
“The SBA covers uninsured and underinsured properties,” Lead Public Affairs Specialist with the Small Business Administration Terrell Perry said.
The October flood waters left behind more than $2.7 million in damage for residents and businesses owners in Shelby and Jefferson counties.
“People definitely have expenses over and above what they have insured,” Perry said. “So, SBA steps in as that long term federal partner in order to help people bridge the gap.”
More than 550 people submitted damage reports for their homes or businesses in Jefferson County alone and the Small Business Administration is offering loans to help families afford the costs.
“Homeowners, renters, businesses, as well as nonprofits are eligible to apply,” Perry said. “Your insurance would be the first line of recovery and then you would look to FEMA and SBA.”
Now that the flood has been declared a disaster by the federal government, the SBA has more than $1 million to grant by February 21st.
“Homeowners can qualify for a 1.5 percent loan; businesses are at 2.8 percent,” she said. “Landscaping, fences, out buildings, things like that that don’t normally fall under insurance. We even cover debris removal as well as homeowner and car deductible.”
While the loans are only for homeowners or renters in Shelby and Jefferson counties, business owners across the state still qualify.
“Eight additional counties that are adjacent to Shelby and Jefferson counties, the businesses there also qualify for loans that are meant to help businesses bounce back as well,” Perry said. “People should definitely take advantage of applying for an SBA loan.”
There are three ways to apply for the loans before that deadline.
You can call 800-659-2955 or apply online here.
You can also visit SBA Business Recovery Center at Hoover Recreation Center Board Room 600 Municipal Drive Hoover. Their hours are 9:00 A.M. to 6:00 P.M. Monday through Friday.
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