County approved for disaster assistancePublished 4:52pm Thursday, January 10, 2013
Pike County has been approved for disaster assistance in the form of low-interest loans from the U.S. Small Business Administration.
Last week, the SBA visited Pike County to assess damage from two Christmas tornadoes that ripped through the area.
The disaster designation allows special term loans for homeowners, renters, businesses and nonprofit organizations that qualify for assistance.
“This will allow many homeowners, businesses and nonprofit organizations that suffered damage from the Christmas Day tornado outbreak to receive financial assistance at low interest rates,” Alabama Governor Robert Bentley said. “I appreciate the Small Business Administration approving Alabama’s request for assistance.”
Renters and homeowners may borrow up to $40,000 to repair or replace clothing, furniture, cars, appliances and other items damaged or destroyed in the disaster.
Homeowners may apply for up to $200,000 to repair or replace a primary residence to its pre-disaster condition.
Businesses may apply for loans of up to $2 million to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment.
Also, if a small business or private, nonprofit organization has suffered economic injury, regardless of physical damage, they may be eligible for financial assistance of up to $2 million from the SBA.
“I’m extremely pleased we are going to be able to offer this assistance to individuals and businesses in several counties affected by the Christmas Day tornadoes,” Alabama Emergency Management Agency Director Art Faulkner said. “We will continue to work with local officials to assist those who may not be eligible for SBA assistance through other options.”
Those interested in applying for SBA low-interest rate loans can receive more information by calling the SBA’s Customer Service Center at 800-659-2955 (or 800-877-8339 for the deaf and hard-of-hearing). Additional information, including SBA disaster loan fact sheets, can be found on the SBA’s website at www.sba.gov
A disaster loan outreach center will be set up locally at the Troy Public Library, but dates and hours for the outreach center were not available Thursday night.