Students at the University of Alabama in Birmingham will distribute about $250,000 in small, forgivable loans to victims of the April 27 tornadoes according to the university.
The UAB Tornado Relief Forgivable Loan Program will offer interest-free loans, typically of $1,000 or less, to people affected by the storms. The program is to be administered by the UAB School of Business and the UAB Educational Foundation. Students across UAB will participate and earn academic credit.
The loans will be due after one year, and can be forgiven in whole or in part if the borrower demonstrates need.
Borrowers will be identified through the Long Term Recovery Committee (LTRC), which includes representatives of more than 40 agencies and UAB.
Regions Bank will handle delivery of loans, and the law firm Balch & Bingham will handle loan documentation.
Tornado victims who are interested in applying for a loan should contact any area human services agency, the school said. Those interested in donating to the program should visit www.uab.edu/uabef.
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