SBA Disaster Assistance Approved for Morgan County

CLANTON– Governor Kay Ivey on Wednesday announced the Small Business Administration (SBA) has approved a request for disaster assistance for Morgan and surrounding counties. The approval is based on damage assessments resulting from the severe storms that occurred April 3, 2018.

The disaster declaration covers the primary county of Morgan. It also covers counties that are contiguous to the primary county. Those counties are Cullman, Lawrence, Limestone, Madison and Marshall.

“I really appreciate the rapid way SBA responded to the state’s request to conduct damage assessments for the city of Decatur, which resulted in Morgan county receiving approval for assistance in such a timely manner,” Governor Kay Ivey said. “My administration is committed to helping the folks of Morgan county and the surrounding area in the days ahead as they continue their clean-up efforts.”

In all counties covered by the SBA disaster declaration, homeowners, renters, businesses and nonprofit organizations that qualify will have the following options.

Home Disaster Loans: Renters and homeowners alike may borrow up to $40,000 to repair or replace clothing, furniture, cars, appliances, etc., damaged or destroyed in the storms. Homeowners may apply for up to $200,000 to repair or replace their primary residence to its pre-disaster condition.

Business Physical Disaster Loans: 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. Businesses of any size are eligible. Private, nonprofit organizations such as charities, churches, private universities, etc., are also eligible.

Economic Injury Disaster Loans: If a small business or private, nonprofit organization has suffered economic injury, regardless of physical damage, and is located in an SBA-declared disaster area, they may be eligible for financial assistance of up to $2 million from the U.S. Small Business Administration.

“Next to insurance, SBA is the primary source of funds for real estate property repairs and replacing lost contents following a disaster,” Alabama EMA Director Brian Hastings said. “When disaster survivors need to borrow to repair uninsured damages, the low-interest rates and long-terms available from SBA make recovery affordable. Impacted residents can start requesting SBA assistance now, either by phone or online. On Friday, April 20, 2018 the Disaster Loan Outreach Center will be open and interested persons can apply in person.”

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Alabamians 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. The SBA Disaster Customer Service Center may also be reached by email at disastercustomerservice@sba.gov. Additional information, including SBA disaster loan fact sheets, can be found on the SBA’s website at https://disasterloan.sba.gov/ela.

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For more information, you can contact the Public Information Office at 205-280-2275 or http://www.ema.alabama.gov