SBA Disaster Assistance Loans Available for Businesses
From the West Alabama Newsroom–
The Small Business Administration wants to help business owners impacted by the January 12th tornado pick up the pieces after the disaster.
Over a hundred businesses in the Selma area were damaged — during the January 12th tornado.
Darrell Pratt’s barbershop on J. L. Chestnut Boulevard — was totally destroyed — when the tornado ripped through the city. And he actually witnessed the destruction with his own two eyes.
“Most people when they in a storm, they don’t explain it how it really look, he said.
“But what I seen, it look like a big spirit. And it was mad. I barricaded my track behind a building and the way the wind was going, I think the building saved me.”
A week later Pratt had found a new location on Highland Avenue. Then began working to get it ready — so he could reopen his business — as soon as possible.
“I am using money out my pocket. If I got to go broke to get my crew in this shop, I will,” said Pratt.
However — there is financial assistance available — to businesses of all sizes impacted by the tornado. The Small Business Administration provides long-term, low interest loans — to help businesses recover from the disaster.
“In order to get them back to where they were, as fast as possible, SBA has decided to forego interest for the first 12 months,” said SBA spokesperson Sharon Dooley.
“And if they receive the loan, they don’t have to make a payment until 12 months after their initial disbursement of their loan.”
Pratt says help from the SBA would be great — and he plans to apply. But he’s not going to sit around — and do nothing — in the mean time.
“I gotta think about boss moves. Bosses don’t wait on stuff like that. I can’t wait because I have a crew that I have to think about,” he said.
Businesses can borrow up to $2 million dollars.
Deadlines to file application for Physical Damage are March 16, 2023 — and October 16, 2023 for Economic Injury.
For more information — call 800-659-2955.