SOUTH MISSISSIPPI — Residents and businesses affected by severe weather and flooding on April 7–10 can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Maria Contreras-Sweet announced.
On April 15, Gov. Phil Bryant requested a disaster declaration by the SBA.
The declaration covers Covington County, and the adjacent counties of Forrest, Jefferson Davis, Jones, Lamar, Simpson and Smith.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
SBA’s customer service representatives are available at the Disaster Loan Outreach Center to answer questions about the disaster loan program and help individuals complete their applications.
The Center is located in the Hot Coffee Community Center at 1859 Highway 532 in Mount Olive. It opened yesterday and will remain in operation through April 29. The hours of operation are 9 a.m.-6 p.m. except Saturday, April 26, when the hours will be 9 a.m.-1 p.m. It will be closed Sunday, April 27.
“Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA Mississippi District director Janita Stewart.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.250 percent for homeowners and renters, 2.625 percent for
non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Individuals and businesses unable to visit the center may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing firstname.lastname@example.org. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is June 20. The deadline to return economic injury applications is Jan. 21, 2015.