Loans

More than $1 million in loans available for victims of October flooding

More than $1 million in loans available for victims of October flooding
Written by Publishing Team

BIRMINGHAM, AL (WBRC) – More than $1 million in disaster relief funds are being provided to residents of Shelby and Jefferson County affected by deadly floods in October last year.

24 disaster loans approved for those still dealing with damage and cleanup.

“The Small Business Act covers uninsured and uninsured property,” said Tyrrell Berry, Senior Public Affairs Specialist for the Small Business Administration.

The October floodwaters caused more than $2.7 million in losses to residents and business owners in Shelby and Jefferson counties.

“People definitely have more expenses than they insured,” Berry said. “So the SBA is stepping in as that long-term federal partner in order to help people bridge the gap.”

More than 550 people have filed damage reports to their homes or businesses in Jefferson County alone, and the Small Business Administration offers loans to help families afford the costs.

“Homeowners, renters, businesses, and nonprofits are eligible to apply,” Berry said. “Your insurance will be your first line of recovery, and then you’ll look at FEMA and the SBA.”

Now that the federal government has declared the flood a disaster, the Small Business Agency has more than $1 million to give by February 21.

Homeowners can qualify for a 1.5 percent loan; The business rate is 2.8 percent. “Landscapes, fences, outbuildings, things like that don’t usually come under insurance. We even cover debris removal as well as the 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.

“An additional eight counties contiguous to Shelby and Jefferson counties, and businesses there are also eligible for loans intended to help businesses recover as well,” Perry said. “People should definitely benefit from applying for an SBA loan.”

There are three ways to apply for loans before this deadline.

You can call 800-659-2955 or apply online here.

You can also visit the SBA Business Recovery Center at Hoover Recreation Center Board Room 600 Municipal Drive Hoover. Their working hours are from 9:00 AM to 6:00 PM from Monday to Friday.

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