SBA offering two emergency programs to storm victims
by MBJ Staff
Published: February 18,2013
SOUTH MISSISSIPPI — U.S. Small Business Administration assistance is now available after the Presidential disaster declaration due to severe storms, tornadoes and flooding that began Feb. 10 in South Mississippi.
The disaster declaration covers Forrest and Lamar counties in Mississippi, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private non-profit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Covington, Jefferson Davis, Jones, Marion, Pearl River, Perry and Stone.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Businesses and private 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, small agricultural cooperatives, small businesses engaged in aquaculture 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.
Interest rates are as low as 1.688 percent for homeowners and renters, 2.875 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
To be considered for all forms of disaster assistance, applicants should register online at www.DisasterAssistance.gov or by mobile device at m.fema.gov. If online or mobile access is unavailable, applicants should call the FEMA toll-free Helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362. The toll-free telephone numbers will operate from 7 a.m. to 10 p.m. (local time) seven days a week until further notice.
Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to email@example.com.
The filing deadline to return applications for physical property damage is April 15, 2013. The deadline to return economic injury applications is November 13, 2013.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Hood clarifies opinion on open-carry gun law
- IKE TROTTER: There are primary changes in Social Security for 2014
- Expert on airlines predicts Jackson-Evers will keep remaining carriers
- C Spire launches next phase of 1-gig service rollout
- Court to hear case involving alligators and ExxonMobil
- MAN OF STEEL: Madhu Ranade leading Severstal Columbus
- Alcorn's finances being investigated; CFO resigns
- Officials hand mayor projects list totaling $57.7M
- Public meeting called to mull future of convention center
- Town given Obamacare insurance break, but faces additional costs in 2015