Small Business Disaster Recovery Fund
Written by Carol Beddingfield
Are you a small business
owner who suffered loss during the storms of April 27th? Do you need financial help immediately?
You could qualify for a loan
that could have a turnaround period of about one week.
The Top of Alabama Regional
Council of Governments (TARCOG) announced the creation of a small Business
Disaster Recovery Fund. The funds will
provide small loans with low interest rates to businesses that were damaged in
the storms of April 27th.
The purpose of the fund is to
make immediate financing for recovery purposes until more permanent financing
may be obtained.
These loans will be available
in amounts from $5,000 to $25,000.
Interest rates of 4% will be fixed for a term of three years.
TARCOG routinely provides
financing to small businesses within the service area of DeKalb, Limestone,
Jackson, Madison and Marshall Counties.
The Revolving Loan Fund has helped many with the start up cost of a
Now, these dollars will also
help owners with the cost of continuing to operate after experiencing hardship
during the recovery efforts.
Serving as Treasurer of
TARCOG Board of Directors, I am encouraged to see the business community of our
area be a focal point of service. I
congratulate the leadership of Director Bob Culver and his staff for their
efforts to help small businesses.
IF your business has been
damaged and is in need of such a loan, contact Joe Howe at 256-716-2481 or Jeff
Pruitt at 256-716-2483.
Also, check with the US Small
Business Administration for loans of larger amounts. You must have filed the proper paperwork with
the Federal Emergency Management Agency by June 27, 2011 to qualify.
Call FEMA at 1-800-621-3362
or visit the website at https://disasterloan.sba.gov/ela/.