U.S. Small Business Administration is asking residents and business owners of Alabama to submit loan applications by July 18th. This is an extension for filing applications and it gives survivors in disaster declared counties extended time period to complete the application process.
At present 933 loans amounting to $52,186,000 has already been approved for businesses and individuals in Alabama. However, having received an approval of loan from the SBA, anyone is not obliged to accept a loan application. Approved home owner or renter also has the independence to accept part of the approved amount.
Disaster survivors need not wait for insurance settlements before applying for disaster assistance. Residents who have suffered severe damages may qualify for refinancing. Home owners, renters and businesses that are affected by Alabama storms should keep their options open and apply now. The survivors of disaster declared counties including Cullman County should register with Federal Emergency Management Agency (FEMA). FEMA is also maintaining an office at Cullman Civic Center.
It is during the Alabama disasters that FEMA has partnered with SBA for providing relief to people torn by ravages caused to Alabama. SBA is offering disaster loans of $200,000 for primary residences, $40,000 for personal property, and $2 million for businesses and non-profit organizations.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to