Storm-Affected Birmingham Residents Can Apply For Low-Interest SBA Loans

From the City of Birmingham:

February 9, 2022

Birmingham, AL — Birmingham homeowners, renters and businesses who were affected by the severe storms and flooding that occurred Oct. 6-7, 2021, may apply for low-interest loans with the Small Business Administration (SBA). President Joseph Biden approved a major disaster declaration on Dec. 21 for Jefferson and Shelby counties.

Businesses can apply for an SBA loan of up to $2 million if they experienced physical damages or economic injury. Interest rates are as low as 2.855% for businesses and 2% for nonprofit organizations. Homeowners can apply for up to $200,000 for damage to their primary residence. Renters can apply for up to $40,000 for personal property damage. Interest rates are as low as 1.563%. All loans have repayment terms up to 30 years.

• FIRST STEP: Register with FEMA at DisasterAssistance.gov; download the FEMA mobile app or call 800-621-3362 or visit the nearest Disaster Recovery Center. To find a DRC visit fema.gov/DRC

• SECOND STEP: Apply in-person at the nearest Business Recovery Center to receive one-on-one assistance from an SBA representative.
• THIRD STEP: Go to https://disasterloanassistance.sba.gov/ela/s to check your status or email questions to DisasterCustomerService@sba.gov

Mitigation is available for businesses and homeowners for up to 20% of SBA’s verified physical damage amount. The deadline to apply is February 21, 2022. For more information, call 800-659-2955. For those who are hearing impaired, call 800-877-8339 or go to sba.gov.

This press release was produced by the City of Birmingham. The views expressed are the author's own.