More than $2 million in disaster loans have been approved by the U.S. Small Business Administration (SBA) for businesses and residents with losses resulting from the severe storms, straight-line winds and tornadoes that occurred Jan. 12. As of Feb. 10, the SBA has approved 70 disaster loans for a total of $2,179,200 for businesses, homeowners and renters.
“The SBA encourages anyone who has not applied to take action right away. Our mission is to help businesses and residents rebuild and resume their normal lives as quickly as possible,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.
The disaster declaration includes Butts, Henry, Jasper, Meriwether, Newton, Spalding and Troup counties in Georgia, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Clayton, Coweta, DeKalb, Fayette, Harris, Heard, Jones, Lamar, Monroe, Morgan, Pike, Putnam, Rockdale, Talbot, Upson, and Walton in Georgia; and Chambers and Randolph in Alabama.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged…
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