SBA flood assistance deadline approaching
by MBJ Staff
Published: August 21,2011
ACROSS MISSISSIPPI — The U.S. Small Business Administration is reminding eligible private non-profit organizations (PNPs) of the Sept. 12 deadline to submit disaster loan applications for damages caused by the flooding that occurred from May 3-June 17, 2011.
PNPs located in Adams, Bolivar, Claiborne, Coahoma, Humphreys, Issaquena, Jefferson, Sharkey, Tunica, Warren, Washington, Wilkinson, and Yazoo counties in Mississippi are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.
PNPs may borrow up to $2 million to repair or replace 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.
The SBA offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses for most PNP organizations of all sizes. Economic Injury Disaster Loan assistance is available regardless of whether the organization suffered any physical property damage.
Interest rates are as low as 3 percent with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition.
Disaster loan information and application forms may be obtained by calling the SBA’s Disaster Assistance 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 email to firstname.lastname@example.org. Applications can also be downloaded from 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.
PNPs may visit SBA’s website at https://disasterloan.sba.gov/ela/ to apply for disaster loans.
The filing deadline to return applications for physical property damage is Sept. 12, 2011. The deadline to return economic injury applications is April 12, 2012.
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