Small Business Administration loans available for repairs after Tropical Storm Claudette
JEFFERSON COUNTY, Ala. (WBMA) — If your home or business was damaged by tropical storm Claudette, you may now qualify for a low interest loan to make repairs.
Small Business Administration loans are available to people in Jefferson County at low interest rates and long-term payments up to 30 years.
“These are untraditional loans and what that means is these are not the ones you get like when you go to a bank,” said Robert Baltodano with SBA.
Loans are available for up to $200,000 dollars for homeowners and up to $40,000 for renters.
“So, they are only eligible for the items that are inside the home like their personal items that they own such as furniture or things of that nature. Now, the homeowner, because they own the home can cover for anything as far as the structural purpose of the home,” said Chasity Reid with SBA.
Businesses and non-profits can apply and qualify for an economic injury loan.
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“Look around your business and any one of those items that you have whether it's a truck, an oven, inventory, those items may have been damaged in the storm that you need in order to operate,” said Baltodano.
The SBA said people get frighten by the word loan if they are already struggling financially.
All you have to do is prove you can pay the loan back with a plan.
“You can be in bankruptcy and we can still work out a term of agreement for you to be able to get a disaster loan,” said Baltodano.
If you are approved for an SBA loan, you don’t have to accept the money upfront.
You have up to six months from the time of approval.
The deadline to apply for a physical damage loan with SBA is September 20th.
Businesses and non-profits have until April of 2022.
