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SBA still urging oil spill recovery loan applications

MISSISSIPPI GULF COAST — The U.S. Small Business Administration (SBA) is urging small businesses in Mississippi suffering financial losses due to the Deepwater BP oil spill to apply for economic injury disaster loans.

The SBA is offering working capital loans up to $2 million at 4 percent interest with terms up to 30 years. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred.

Small businesses, small agricultural cooperatives and most non-profit organizations are eligible in the counties of Forrest, George, Greene, Hancock, Harrison, Jackson, Lamar, Marion, Pear River, Perry and Stone.

The SBA also encourages businesses to file claims with BP. Borrowers may be required to use claim payments to help repay these disaster loans.

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