Small Business Association offering disaster loans to help small businesses, non-profits weather COVID-19

Coronavirus

The U.S. Small Business Association is offering disaster loans to several parts of the country to help small businesses suffering significant economic problems as a result of COVID-19.

As of Saturday morning, several states across the country are part of the disaster area, which also extends into neighboring counties. In the case of Georgia, the disaster area extends into DeKalb and Jackson Counties.

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.

Governor Kay Ivey said small businesses are important to the state’s economy.

“Small businesses represent the backbone of Alabama’s economy, and many of them need immediate help in these trying times,” Governor Ivey said. “My team has worked closely with the SBA in recent days to make this economic assistance possible. We’re all grateful to President Trump and the SBA for responding rapidly to the problems faced by small businesses in Alabama.”

Governor Kay Ivey

Those interested can apply online or call the Small Business Association at (800) 659-2955.

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