More than $1 million in loans available for October flood victims

BIRMINGHAM, Ala. (WBRC) – More than $1 million in disaster relief funds are being made available to residents of Shelby and Jefferson counties affected by deadly flooding in October last year.

24 disaster loans have been approved for those still dealing with damage and cleanup.

“The SBA covers uninsured and underinsured properties,” said Terrell Perry, senior public affairs specialist with the Small Business Administration.

The October floods caused more than $2.7 million in damages to residents and business owners in Shelby and Jefferson counties.

“People definitely have expenses on top of what they’ve insured,” Perry said. “So the SBA is stepping in as a long-term federal partner to help people bridge the gap.”

More than 550 people have submitted damage reports for their homes or businesses in Jefferson County alone, and the Small Business Administration is offering loans to help families with the costs.

“Homeowners, tenants, businesses as well as non-profits can apply,” Perry said. “Your insurance would be the first line of recovery, and then you would turn to FEMA and SBA.”

Now that the flooding has been declared a disaster by the federal government, the SBA has more than $1 million to award by Feb. 21.

“Homeowners can get a 1.5% loan; businesses are at 2.8%,” she said. “Landscaping, fencing, exterior buildings, things like that that don’t normally come under insurance. We even cover debris removal as well as the owner and car deductible.

Although the loans are only for homeowners or tenants in Shelby and Jefferson counties, business owners statewide are still eligible.

“Eight additional counties adjacent to Shelby and Jefferson counties, businesses there are also eligible for loans to help businesses bounce back as well,” Perry said. “People should definitely take advantage of the SBA loan application.”

There are three ways to apply for the loans before this deadline.

You can call 800-659-2955 or apply online here.

You can also visit the SBA Business Recovery Center at the Hoover Recreation Center Board Room 600 Municipal Drive Hoover. Their hours of operation are 9:00 a.m. to 6:00 p.m. Monday through Friday.

CLICK HERE TO GET THE WBRC FOX6 NEWS APP

Copyright 2022 WBRC. All rights reserved.

About Veronica Richards

Check Also

Report shows rising business prices amid soaring US inflation

As household budgets reel under the impact of soaring prices for fuel, food, rent and …