Tuscaloosa offers $500K in tornado recovery loans

TUSCALOOSA, Ala. (AP) —
Tuscaloosa city officials will soon be taking applications for loans of
up to $20,000 aimed at helping businesses rebuild in the city's tornado
recovery zone.

The Tuscaloosa News reports the Alabama Department
of Economic and Community Affairs recently gave the city approval to use
$500,000 for the loans. Businesses meeting certain terms will have
their loans revert to grants, meaning the money won't have to be repaid.

Deidre
Stalnaker, Tuscaloosa's communications director, says city officials
have seen high interest in loan programs and are trying to make more
money available. The city will start taking loan applications Thursday.

The
program is funded by $55 million in federal dollars awarded to Alabama
in January 2012 to help with recovery from the devastating tornadoes
that struck the state in 2011.