Deadline approaches for aid to victims of last year’s flooding
by MBJ Staff
Published: April 7,2014
Tags: Alcorn County, bank, disaster recovery, Economic Injury Disaster Loan, entrepreneur, flood, Frank Skaggs, loan, natural disaster, rain, small business, Tishomingo County, U.S. Small Business Administration, Weather
ALCORN COUNTY and TISHOMINGO COUNTY — The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes that April 28 is the filing deadline for federal economic injury disaster loans.
These loans are available in Alcorn and Tishomingo counties in Mississippi as a result of excessive rain and flooding that began on March 1, 2013.
“These counties are eligible because they are contiguous to one or more primary counties in Tennessee. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” according to Frank Skaggs, director of SBA’s Field Operations Center East.
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 aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers or ranchers.
The working capital loan amount can be up to $2 million with interest rates of 4 percent for eligible small businesses and 2.875 percent for non-profit organizations with terms up to 30 years.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at disasterloan.sba.gov/ela.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to firstname.lastname@example.org. 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.
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