Alabama residents of Lamar and Pickens counties may be eligible for federal assistance resulting from the severe storms and tornadoes that passed through the area on Jan. 10.
Gov. Bob Riley encouraged homeowners and businesses in need of help to contact the SBA for assistance.
Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, inventory, machinery and equipment. The SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses only, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.
The filing deadline to return applications for physical property damage is March 17, 2008. The deadline to return economic injury applications is Oct. 16, 2008.
Topics Alabama
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