$75 million in loans approved for Alabama tornado survivors
BIRMINGHAM, AL. (AP) - The U.S. Small Business Administration says the amount of low-interest loans approved for Alabama tornado survivors has reached $75 million, with approvals still occurring even after Monday's cut-off date.
The SBA, which can make low-interest loans to businesses and individuals after a disaster, distributed more than 45,000 applications.
The agency reported Friday that of the more than 5,600 loan applications returned, more than 1,300 were approved, and more could still be okayed.
Alabama Emergency Management officials hoped for a 15 percent return rate, but applauded the 13 percent, which they say represents the continuing process of rebuilding the state.
Officials say of the $75 million in SBA loans approved, nearly $65 million was for homeowners and renters.
The remaining $10 million went to businesses and private non-profits.
(Copyright 2011 by The Associated Press. All Rights Reserved.)