August, 2014: Many small businesses around Alabama experienced weather damage during April and May, but those affected will now be eligible for federal disaster loans to help with the financial aftermath.
The loans can extend up to $2 million, according to a report from the Associated Press. The Small Business Administration, an independent federal agency, will set the loan amounts and terms, according to the AP.
The report stated that heavy amounts of rain could have threatened many small businesses in Baldwin, Escambia, Geneva and Houston counties.
The agency was founded in 1953 with a goal to “aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns,” according to the mission statement of the SBA.
To fill out an application for a federal disaster loan, visit the agency’s website.