Small Business Disaster Recovery Fund

June 8, 2011
Carol Beddingfield
Executive Director

Chamber Chatter

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 company.

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/.