Small Business Association loan deadline looms
by Wally Northway
Published: June 22,2009
ACROSS MISSISSIPPI — The U.S. Small Business Administration (SBA) is reminding businesses in Mississippi that Economic Injury Disaster Loans are still available to small businesses economically impacted by Hurricane Gustav that occurred Aug. 28-Sept. 8, 2008. The loan deadline is June 26.
Small businesses in the following counties are eligible to apply: Adams, Amite, Bolivar, Franklin, Hancock, Harrison, Humphreys, Issaquena, Jackson, Jefferson, Pearl River, Sharkey, Stone, Sunflower Washington and Wilkinson.
Loans are available up to $2 million for small businesses that suffered substantial economic injury from the disaster. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. These loans are not intended to replace lost sales or profits.
The interest rate on these loans is 4 percent, with a maximum term of 30 years. The SBA determines the amount of economic injury and the terms of each loan based on the financial circumstances of each borrower. The SBA determines eligibility for the program based on the size and type of business and its financial resources.
To obtain a loan application, interested business owners should contact the SBA’s Customer Service Center by calling toll-free 1-800-659-2955 (1-800-877-8339 for the hearing-impaired), or by sending an e-mail to email@example.com. Business disaster loan applications can also be downloaded from www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Victims may also visit the SBA’s secure website at https://disasterloan.sba.gov/ela/ to apply for disaster loans.
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