SBA disaster loan approvals top $1M
by Wally Northway
Published: June 4,2010
ACROSS MISSISSIPPI — More than $1 million in U.S. Small Business Administration (SBA) Disaster Assistance Loans have been approved for disaster survivors in Mississippi as a result of damages caused by severe storms, tornadoes and flooding that occurred April 23 – 24.
“Currently, 18 disaster loans have been approved in the amount of $1,039,900 for affected survivors,” said Frank Skaggs, director of SBA Field Operations Center East in Atlanta.
Survivors are urged to register with FEMA by calling toll-free 1-800-621-FEMA (3362), TTY 800-462-7585 for people with speech or hearing disabilities. SBA says anyone issues a loan application should complete and return the application to the SBA before the June 28 deadline even if a loan is not needed. If the SBA is not able to approve a home loan, the application may be referred to FEMA for possible grant assistance.
“I encourage anyone who has not completed their disaster loan application to meet with one of the Customer Service Representatives at any of the SBA Disaster Loan Outreach Centers in Attala, Holmes and Yazoo Counties or visit FEMA/MEMA Disaster Recovery Center in Choctaw County before they close on Saturday, June 5,” Skaggs added.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
For small businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
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