Aderholt Announces Small Business Loans for Churches, Nonprofits Affected by Storms

Statement

Congressman Robert Aderholt (AL-04) today announced that the U.S. Small Business Administration (SBA) is offering loans through Tuesday, July 1, 2014 to help churches and other nonprofits in Alabama storm-damaged designated counties to rebuild.

"Storms of this nature are difficult to recover from," said Aderholt, "That is why it is important that we give the very institutions that will help others get back on their feet a helping hand."

The Federal Emergency Management Agency (FEMA) released the following statement:

"Churches, temples, other religious centers, as well as other private nonprofit organizations in Alabama's storm-damaged designated counties, are eligible to apply for U. S. Small Business Administration loans to help rebuild. The deadline to apply is Tuesday, July 1.

"Eligible private nonprofit organizations may borrow up to $2 million at interest rates as low as 2.635 percent to repair or replace damaged or destroyed real estate, furniture, fixtures, appliances, equipment, vehicles, other assets, and leasehold improvements.

"The terms of the loan may be up to 30 years, making payments affordable. The SBA sets loan amounts and terms based on each applicant's financial condition. Interested organizations may apply before their insurance claims are settled.

"The SBA may loan up to 20 percent more than the total of disaster damage to real estate and/or leasehold improvements that reduce the risk of future disaster damages.

Source