SBA offering low-interest loans to those affected by Jan. 12 tornadoes

MONTGOMERY, Ala. (WSFA) - Help is available for business owners, homeowners and others who had physical or economic damage from the Jan. 12th tornadoes. The Small Business Administration offers long-term, low-interest rate loans for those who need help with their recovery.

Interest rates are as low as 3.305% for businesses, 2.375% for nonprofit organizations and 2.313% for homeowners and renters with terms up to 30 years.

There are certain requirements with these loans.

“If you’re you’re approved for it, you have to have the ability to repay it back. You have to have the credit history satisfactory SBA. And then if there any insurance requirements we also ask you to have insurance,” said Sharon Dooley with the Small Business Administration.

The SBA has specialists at the disaster recovery centers in the affected areas to help people fill out the applications.

“You’re not under any obligation to take the loan if you’re approved, or you’re not under obligation take all of their loan if you’re approved,” said Dooley.

The filing deadline for physical property damage is March 16. The deadline to return economic injury applications is Oct. 16.

You can also apply online and find more details at the SBA website.

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