SBA has announced opening of a Business Recovery Center in Decatur, Alabama so as to help businesses affected by storms, tornados, winds and floods. Private non-profit organizations now can borrow up-to $2 million, in-order, to repair damages caused by storms and ravages afflicted to real estate, machinery, equipment, inventory and other assets.
A total of 20% increase in loans may be granted for the total amount of disaster damage caused to real estate and lease holds. The additional grant is permitted so as to make improvements to lessen the risk of damage caused to property by similar natural disasters in future too.
SBA is also offering ‘Economic Injury Disaster Loans’ for small enterprises, small agricultural cooperatives, and small businesses like those engaged in aquaculture and also private, non-profit organizations. Economic Injury Disaster Loan assistance is given to businesses regardless of whether the business suffered physical property damages.
SBA’s representatives will be present at Business Recovery Centers to accept loan applications, answer queries about disaster loan program and to assist people to complete applications. SBA provides disaster loans to renters, homeowners and businesses of all sizes. For homeowners and renters, interest rate is as low as 2.563 percent, for non-profit organizations it is 3 percent and for businesses it is 4 percent for terms up-to 30 years.
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