Marengo County, Alabama businesses and residents were affected by tornado on 2/3/2022. The Small Business Administration (SBA) is offering financial disaster assistance for Marengo County, Alabama businesses that suffered physical damage or economic injury and loss to their AL business operations located in Marengo County.
SBA Loan Deadlines for the Marengo County, Alabama Declared Disaster Declaration #17365 and #17366
– Physical Damage Loan Application filing deadline is 05/06/2022.
– Economic Injury Disaster Loan (EIDL) Application filing deadline is 12/7/2022.
– Read the official SBA disaster declaration for Marengo County here.
Business Owners in Marengo County, for speed and personalized attention, Schedule Your Free Disaster Loan Consultation call. Depending on your situation, we may be able to assist you with the SBA process for your business in Marengo County Alabama.
Tornado Incident in Marengo County AL
On 2/3/2022, a Tornado bad weather incident caused damage in areas of Alabama. Disaster Number AL-00126 was declared on 3/7/2022 as an official disaster area through Disaster Declaration #17365 and #17366 due to Tornado.
Marengo County, Alabama Cities and Towns Affected by Tornado
Here is a list of all the Marengo County, Alabama cities, towns, parishes, and municipalities affected by the Tornado that occurred 2/3/2022:
Demopolis, Dixons Mills, Faunsdale, Gallion, Jefferson, Linden, Magnolia, Myrtlewood, Nanafalia, Sweet Water, Thomaston.
In Marengo County, Alabama, eligible businesses and residents are able to apply for a low-interest disaster loan from the U.S. Small Business Administration (SBA), commonly known as an SBA Economic Injury Disaster Loan (EIDL). The SBA offers disaster loan assistance to businesses, nonprofit organizations, homeowners, and renters located in Marengo County, Alabama, that were affected by the declared disaster number AL-00126.
The SBA also provides eligible Marengo County, Alabama small businesses and nonprofit organizations with working capital to help overcome the economic injury of the declared disaster in Marengo County, Alabama.
To apply for financial assistance from the SBA for your business that was affected by Tornado in Marengo County, visit the official SBA Disaster Loan Assistance website.
Physical Damage to Your Marengo County Business Property
Marengo County, Alabama businesses and private nonprofit organizations of any size may borrow an SBA EIDL loan up to a $2 million (two million dollars) to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Applicants in Marengo County, Alabama may be eligible for an EIDL loan increase up to 20% (twenty percent) of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a sump pump, elevation, French drain or retaining wall to help protect property and occupants from potential future damage that could be caused by a similar disaster in Marengo County, Alabama.
Economic Injury to Your Marengo County Business Operations in Alabama
For Marengo County small businesses, companies, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical damage to property.
Interest Rates for SBA EIDL Marengo County, Alabama Disaster Loans
Interest rates for Marengo County, Alabama are as low as 2.940% (two point nine four zero percent) for businesses, 1.875% (one point eight seven five percent) for nonprofit organizations, with loan amortization terms up to 30 years or 360 months. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition of their business located in Alabama.
Marengo County SBA Loan Interest Rates for Physical Damage:
– Alabama Businesses with Credit Available Elsewhere 5.880%
– Businesses in Alabama without Credit Available Elsewhere 2.940%
– Alabama Non-Profit Organizations with Credit Available Elsewhere 1.875%
– Non-Profit Organizations in Alabama without Credit Available Elsewhere 1.875%
Marengo County SBA Loan Interest Rates for Economic Injury:
– Businesses and Companies in Alabama 2.940%
– Small Alabama Agricultural Cooperatives without Credit Available Elsewhere 2.940%
– Alabama Non-Profit Organizations without Credit Available Elsewhere 1.875%
Marengo County Business Owners, Schedule Your Free Disaster Loan Consultation Call for One-on-One Assistance for Your Company that was Affected by Tornado in Marengo County, AL.
Marengo County, Alabama Disaster Assistance from FEMA
If your Marengo County, Alabama business was impacted by Tornado, and is located in one of the communities approved for assistance from the Federal Emergency Management Agency (FEMA), you can apply for disaster assistance.
Check to see if Marengo County, Alabama is approved by FEMA by visiting DisasterAssistance.gov or by calling 1-800-621-3362 between the hours of 7am to 11pm Eastern Standard Time (EST) seven days a week.
For other possible Marengo County, Alabama disaster assistance resources, or to apply for assistance from FEMA, visit the official FEMA website.
Marengo County SBA EIDL Loan Relief vs. FEMA Assistance Facts for Alabama
For Marengo County businesses in Alabama, an SBA EIDL loan holds many benefits for recovering from the Tornado that caused damage to your physical property and economic injury to your business on 2/3/2022.
Will I be referred to the SBA after I apply with FEMA?
Yes it is possible. After you apply for disaster assistance from FEMA, you may be contacted by the SBA. If you are asked to submit an application for a low-interest SBA loan, you are encouraged to do so. Applying with the SBA assures that all available disaster assistance options remain open to you.
Will the SBA application be the basis of referrals to other grant programs?
Yes. Submitting the application makes it possible for you to be considered for additional grants. If you apply for an SBA low-interest disaster loan and are not eligible, this may open the door to additional assistance from FEMA. If SBA denies the loan application, you may be eligible for additional FEMA grant assistance to replace essential household items, replace or repair a damaged vehicle, cover storage expenses, or meet other disaster-related needs your Marengo County, Alabama home or business has suffered.
Do I have to accept an SBA loan if I am approved?
No you do not. If the SBA determines you are eligible for a loan, you do not have to accept it. However, if you do qualify for an SBA loan and you choose not to accept it, additional resources may not be available to you for disaster recovery.
Do I have to choose between a FEMA or an SBA EIDL loan?
No. Qualifying for an SBA EIDL loan does not mean you are suddenly ineligible for FEMA assistance. There are several important reasons to complete and submit an SBA application, even if you think you don’t currently need a loan for your Marengo County, Alabama home or business. For example, you may discover that you were underinsured for the amount of work required to repair or replace your home. An SBA low-interest disaster loan may bridge the gap between your recovery costs and the settlement amount.
Are SBA EIDL loans only meant for businesses?
No. Due to the Tornado being a natural disaster, the SBA also offers loans for homeowners in Marengo County, Alabama up to $200,000 to repair or replace your primary residence. The loans are customized to your personal financial circumstances. On a case-by-case basis, the SBA may be able to assist with the refinance of your current mortgages, in the case of a first mortgage, and / or a second mortgage.
The SBA can also help Marengo County, Alabama renters and homeowners replace household contents, for example: clothing, furniture, appliances, and vehicles. This is referred to as personal property. Homeowners and renters are eligible for up to $40,000 (forty thousand dollars) to repair or replace damaged or destroyed personal property caused by Tornado.
Are SBA loans available for businesses and nonprofits of any size?
Yes. Due to the Tornado declared disaster, Marengo County, Alabama businesses of all sizes and private nonprofit organizations may borrow up to $2 million (two million dollars) to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size in Marengo County, Alabama, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.
Is there a deadline to apply for the Tornado SBA low-interest loan?
Yes. The deadline to file applications for physical damage is 05/06/2022. The deadline to return economic injury applications is 12/7/2022. These deadlines may be slightly different depending on the county and state.
Population of Marengo County in Alabama
Marengo County has a population of 18,996 residents (2021 Census figures), which is a change of -1.70% in population from the 2020 Census numbers. The State of Alabama has a current total population of 5,039,877. This is a 0.30% change in the number of residents in AL.
The Federal Information Processing System (FIPS) Code for the State of Alabama is 1000. The FIPS code for Marengo County, AL is 1091.
Marengo County Official Government Website in Alabama
The official website for the Marengo County, AL government can be found here:
https://marengocountyal.com
Check the Marengo County website for other possible disaster relief options for residents and businesses located in Marengo County, Alabama.
Other Alabama Counties Affected by the Tornado Disaster
Besides Marengo County, other counties that were affected by Tornado in Alabama were:
Alabama Primary Counties
Hale.
Alabama Contiguous Counties
Bibb, Greene, Marengo, Perry, Tuscaloosa.
Alabama Cities Located in Marengo County
Demopolis, Dixons Mills, Faunsdale, Gallion, Jefferson, Linden, Magnolia, Myrtlewood, Nanafalia, Sweet Water, Thomaston.
Summary and Conclusion of the Tornado Disaster in Marengo County, AL
To apply for financial assistance and relief due to your Marengo County, Alabama business being financially damaged by tornado on 2/3/2022, there are important SBA deadlines for when you need to submit your new application, increase request, or reconsideration request.
For the Marengo County, Alabama Declared Disaster Declaration #17365 and #17366, the loan application filing deadline for physical damage is 05/06/2022. The economic injury disaster loan (EIDL) application filing deadline is 12/7/2022.
This is something you can possibly do yourself (DIY) by visiting the official government FEMA and SBA websites.
Marengo County Professional Disaster Assistance for Your Business in Alabama
Was your Marengo County, AL business disrupted by the tornado incident that occured on 2/3/2022?
We can offer professional assistance to help your business file for a new SBA EIDL loan, an increase request or loan modification, or a reconsideration appeal if you were denied for an SBA EIDL loan for your business that was economically harmed by tornado in Marengo County under Disaster Number AL-00126 that was declared on 3/7/2022 through Disaster Declaration #17365 and #17366.
Business Owners Located in Marengo County, Alabama:
Schedule Your Free Disaster Loan Consultation Call for Help in Financially Recovering from the Tornado That May Have Damaged Your Business in Marengo County, AL.
Cover Image Credit: 123RF.com / Alexeys / Disaster Loan Advisors.