SBA loans available following disaster declaration
by For the MBJ
Published: March 14,2011
ACROSS MISSISSIPPI — The U.S. Small Business Administration economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes located in Mississippi as a result of the drought that occurred from May 1-Dec. 31, 2010.
The SBA’s disaster declaration includes the counties of Adams, Amite, Attala, Benton, Bolivar, Calhoun, Carroll, Chickasaw, Choctaw, Claiborne, Clarke, Clay, Coahoma, Copiah, Covington, DeSoto, Forrest, Franklin, George, Grenada, Hancock, Harrison, Hinds, Holmes, Humphreys, Issaquena, Itawamba, Jackson, Jasper, Jefferson Davis, Jones, Kemper, Lafayette, Lamar, Lauderdale, Lawrence, Leake, Lee, Leflore, Lincoln, Lowndes, Madison, Marion, Marshall, Monroe, Montgomery, Neshoba, Newton, Noxubee, Oktibbeha, Panola, Pearl River, Perry, Pike, Pontotoc, Prentiss, Quitman, Rankin, Scott, Sharkey, Simpson, Smith, Stone, Sunflower, Tallahatchie, Tate, Tippah, Tunica, Union, Walthall, Warren, Washington, Wayne, Webster, Wilkinson, Winston, Yalobusha and Yazoo.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquacultural enterprises, farmers, ranchers and agricultural producers are not eligible to apply to SBA. Nurseries are only eligible to apply in drought situations.
The loan amount can be up to $2 million with a 3 percent interest for non-profit organizations, 4 percent for small businesses and terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
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. The loans are not intended to replace lost sales or profits.
Disaster loan information and application forms may be obtained by calling the SBA’s Customer Service Center toll-free at 1-800-659-2955 (800-877-8339 for people with speech or hearing disabilities), or by sending an email to firstname.lastname@example.org. Those affected by the disaster may apply online 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.
Completed loan applications must be returned to SBA no later than Oct. 28.
Source: U.S. Small Business Administration
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