Tuesday, the Small Business Association expanded its earlier disaster area to cover the entire state of Alabama and Franklin, Giles, Hardin, Lawrence, Lincoln, Marion and Wayne Counties in Tennessee.
Small businesses and nonprofits in these areas are eligible for loans from the Small Business Administration to help with any financial need caused by the COVID-19 pandemic.
The loans, which max out at $2 million, are being offered to small businesses at an interest rate of 3.75% and non-profits at an interest rate of 2.75%. Both groups can pay the loans back over terms as long as 30 years to keep payments affordable.
Anyone interested in applying can visit the SBA website to download an application and receive more information. Applicants can also call SBA Customer Service at (800) 659-2955 or email firstname.lastname@example.org for additional information.
Individuals who are deaf or hard of hearing can receive assistance by call (800) 877-8339.
Completed applications can be mailed to:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155
The deadline to apply is Dec. 21.