Loans give storm affected businesses stability - ABC 33/40 - Birmingham News, Weather, Sports

Loans give storm affected businesses stability

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Brian Ahmed,  owner of Full Moon Barbecue on 15th Street in Tuscaloosa.(abc3340.com) Brian Ahmed, owner of Full Moon Barbecue on 15th Street in Tuscaloosa.(abc3340.com)
TUSCALOOSA - AL -

    The owner of the first business to rebuild after the 2011 Tornado outbreak in Tuscaloosa became the first to sign on the dotted line for a Commercial Revolving Loan.

    City leaders came up with the idea to help businesses in the destruction zone rebuild or enhance their business.  $2.5 million dollars of the $16.6 million received from a H.U.D. allocation was set aside for the program.

    Brian Ahmed, the owner of Full Moon Barbecue on 15th street took advantage borrowing $200,000 which is the maximum amount which has no interest and doesn't have to be paid back until 2016.  The loans have 3 to 5 year pay back agreements. 

    "We get to save a lot of interest.  I can use it to do some enhancements...create jobs and when you can get this and save 40 to 50,000 in interest  over time, its a great thing," said Ahmed.

     At-least four other Tuscaloosa businesses have applied to borrow through the commercial revolving loan program.  The city has about another $1.5 million to loan out.

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