SBA assistance available to flood victims
by MBJ Staff
Published: August 15,2011
ACROSS MISSISSIPPI — The U.S. Small Business Administration’s federal 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 flooding that occurred from April 15-July 1, 2011.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to assist eligible entities affected by the same disaster,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
The SBA’s disaster declaration includes the following counties: Adams, Amite, Attala, Claiborne, Coahoma, Copiah, DeSoto, Franklin, Hinds, Holmes, Humphreys, Issaquena, Jefferson, Leflore, Lincoln, Madison, Marshall, Panola, Quitman, Sharkey, Sunflower, Tallahatchie, Tate, Tunica, Warren, Washington, Wilkinson and Yazoo in Mississippi.
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, agricultural producers, farmers and ranchers are not eligible to apply to SBA.
Loan amounts can be up to $2 million, with interest rates of 3 percent for non-profit organizations and 4 percent for small businesses. Terms can be up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. The agency sets loan amounts and terms 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 at 1-800-659-2955 (1-800-877-8339 for people with speech impairment or deaf and hard-of-hearing disabilities), or by sending an e-mail to email@example.com. Loan applications can be downloaded from the SBA’s website at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Those affected by the disaster may also apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov/ela/.
Completed loan applications must be returned to SBA no later than April 9, 2012.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- JACKSON JILTED —Southwest Airlines pulling up stakes and leaving Mississippi
- Eye clinic operator faces Medicaid fraud charges
- Mega-load move could cause traffic issues
- NEW ORLEANS SAINTS MOVING — Mississippi company has the task of moving the football team
- M&F branches to close as Renasant wraps up merger
- Gaming Commission gives nod to Coast city's first casino
- New owners plan cautious change for Highland Village
- Hood issues opinion on open-carry gun law
- Aldermen review adult business ordinance, call public hearing
- New boutique hotel to replace Oxford’s Downtown Inn