Storm-affected Birmingham residents can apply for low-interest SBA loans « The Official Site of the City of Birmingham, Alabama
Storm-hit Birmingham residents can apply for low-interest SBA loans
Birmingham, AL — Homeowners, tenants and businesses in Birmingham who were affected by the severe storms and flooding that occurred on October 6 and 7, 2021 can apply for low-interest loans from 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 have suffered physical damage or economic harm. Interest rates are as low as 2.855% for businesses and 2% for nonprofits. Homeowners can claim up to $200,000 for damage to their principal residence. Renters can seek up to $40,000 for personal property damage. Interest rates are as low as 1.563%. All loans have repayment terms of 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
Mitigation is available to businesses and homeowners for up to 20% of the amount of physical damage verified by the SBA. The deadline to apply is February 21, 2022. For more information, call 800-659-2955. For those who are hard of hearing, call 800-877-8339 or go to sba.gov.