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.
