Locals eligible for SBA loans

Published 3:00 am Tuesday, January 19, 2016

Pike County businesses and residents affected by the December 2015 severe storms can apply for low-interest disaster loans from the U.S. Small Business Administration.

“These loans are available to business owners in Pike County because we are adjacent to Coffee County,” said Jeanna Barnes, Pike County EMA director.

The U.S. Small Business Administration issued a disaster declaration for Coffee, Jefferson, Montgomery and Morgan counties and their adjacent counties in response to the damage from the Dec. 23-31 flooding events.

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“The SBA is strongly committed to providing the people of Alabama with the most effective customer-focused response to assist business owners of all sizes, homeowners and renters with federal disaster loans,” said SBA Administrator Maria Conteras-Sweet. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”

According to information provided by Barnes and the SBA, three types of loans are available:

• Business physical disaster loans, which can be used to repair or replace disaster-damaged property including real estate, inventories, supplies, machinery and equipment. Private, non-profit organizations also are eligible.

• Economic injury disaster loans, which are working capital loans to help small businesses, small agricultural cooperatives, and most private non-profit organizations meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.

• And home disaster loans, which are available to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.

Applicants must have a credit history acceptable to the SBA, must provide collateral and must show the ability to repay loans.

The SBA Disaster Loan Outreach Center in Coffee County is located at the Elba Church of Christ, 715 N. Troy Highway. It is open from 8 a.m. to 5 p.m. weekdays and 10 a.m. to 2 p.m. on Saturdays, today through Feb. 4.