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SBA Offers Loans to Tornado Victims

 

March 5, 2007 -- The federal government is offering low-interest loans to businesses hit by severe storms and tornadoes in Georgia and Alabama last week, the Small Business Administration announced Monday.

Loans of up to $1.5 million to repair damaged property, machinery, equipment, and inventory for businesses in regions that were officially declared disaster areas over the weekend, the agency said. In Georgia, businesses located in Sumter County are eligible for both physical and economic injury loans, while those in the contiguous counties of Crisp, Dooly, Lee, Macon, Marion, Schley, Terrell, and Webster are only eligible for economic injury loans.

In Alabama, residents of Coffee County are eligible for both physical and economic injury loans, while those in Covington, Crenshaw, Dale, Geneva, and Pike are only eligible for economic injury loans.

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