SBA disaster loan applications still available

by Wally Northway

Published: December 30,2010

Tags: banking and finance, disaster recovery, disasters, loans

ACROSS MISSISSIPPI — The U.S. Small Business Administration is reminding businesses in Mississippi that Economic Injury Disaster Loans are still available to small businesses and non-profit organizations of all sizes economically impacted by the severe storms and flooding that occurred from April 23-24, 2010.

“Businesses and non-profit organizations that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the Jan. 29, 2011 deadline,” said Frank Skaggs, director of SBA Field Operations Center East in Atlanta.

Small businesses and non-profit organizations of all sizes in the counties of Attala, Carroll, Choctaw, Claiborne, Hinds, Holmes, Humphreys, Issaquena, Leake, Leflore, Madison, Montgomery, Neshoba, Oktibbeha, Sharkey, Warren, Webster, Winston and Yazoo are eligible.

Loans up to $2 million are available for eligible entities that suffered substantial economic injury from the disaster. Borrowers may use these working capital loans to pay fixed debts, payroll, accounts payable and other bills they could have paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.

The interest rates on these loans are 3 percent for non-profit organizations and 4 percent for businesses 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. Eligibility for the program is based on the size and type of business and its financial resources.

Disaster loan information and application forms may be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for people with speech or hearing disabilities) Monday through Friday from 8 a.m. to 6 p.m. ET or by sending an e-mail to disastercustomerservice@sba.gov. Those affected by the disaster may apply for disaster loans from SBA’s secure website at https://disasterloan.sba.gov/ela/. Loan applications can also be downloaded from www.sba.gov and should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline for economic injury applications is Jan. 29, 2011.

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