12/20/2023 0 Comments Alabama power assistance programs![]() ![]() These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. Eligibility is based on the size of the applicant, type of activity and its financial resources. Interest does not accrue, and payments are not due until twelve months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition. ![]() The loan amount can be up to $2 million with interest rates of 4% for small businesses and 2.375% for private nonprofit organizations, with terms up to 30 years. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions. Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. “These loans help sustain rural economies when a disaster occursUnder this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Working capital loans from the SBA are essential to eligible small businesses when the Secretary of Agriculture declares a disaster due to farmers’ crop losses,” said Francisco Sanchez Jr., associate administrator of SBA’s Office of Disaster Recovery & Resilience. The declaration includes Clarke County and the contiguous counties of: Baldwin, Choctaw, Marengo, Monroe, Washington, and Wilcox in Alabama. ![]() Small Business Administration ( SBA) announced today that federal Economic injury Disaster Loans (EIDLs) are available in Alabama for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations with economic losses due to the drought conditions that began on Oct. Market research and competitive analysisĪTLANTA - The U.S. ![]()
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