A specially equipped help center at the University of Alabama is the place to go to speed your application for a small business relief loan from the federal government.
Since February 21, Alabama small businesses have been eligible to apply for loans for up to $2 million in working capital owing to damages from the virus crisis.
The loans are administered by the Small Business Administration under its Economic Injury Disaster Loan Program. You apply through the SBA, but the experts at the University of Alabama will guide you.
The university’s Alabama Small Business Development Center Network is the place to go to. It is the SBA’s key resource partner to help companies access the programs in Alabama.
“The UA Office for Research and Economic Development is dedicated to supporting the enhanced mission of the SBDC during these critical times,” says Dan Blakley, associate vice president of the Office for Economic and Business Engagement. “The expert team of business consultants across the Alabama SBDC Network provides access to the resources small business owners in Alabama need to successfully navigate the unprecedented challenges brought on by this crisis.”
The Alabama SBDC Network provides confidential advising and training services in all 67 counties in Alabama for business start-up, growth, access to capital and international trade. Over 2,000 small businesses in Alabama have participated in the SBDC’s training programs.
In addition to helping companies with applications for the disaster loan program, SBDC business advisers are working with owners to design cash flow management strategies to survive the disaster and have released a “Guide to Conquering a Business Crisis.”
“The SBDC team has a long history of helping Alabama’s small business owners overcome downturns and disasters. We’ve helped companies come back from tornadoes, hurricanes and oil spills,” said Michael Brooks, associate director of the statewide SBDC. “Our business advisors are on deck to help business owners access resources to make it through this disruption.”
