Home » NEWS » Banking & Finance » Barbour requests SBA aid for oil-spill losses

Barbour requests SBA aid for oil-spill losses

MISSISSIPPI GULF COAST — Gov. Haley Barbour announced today he has requested assistance from the U.S. Small Business Administration (SBA) to aid businesses that have been financially impacted by the Deepwater Horizon BP oil spill in the Gulf of Mexico since April 20.

“The oil spill has the potential to impact many small businesses across the Gulf Coast, and in some cases it already has,” Barbour said. “SBA loans are another tool needed to help offset the economic injury our coastal businesses are experiencing. Our maritime, fishing and energy industries are vital employers and significant components of our state’s coastal economy.”

If granted, the SBA disaster loans would be available to qualified businesses and nonprofit organizations in George, Hancock, Harrison, Jackson, Pearl River and Stone counties that have been affected by the ongoing spill. If BP compensates a loan recipient, the business will be expected to pay back the SBA loan.

Economic injury disaster loans would provide necessary working capital until normal operations resume after the impact of the oil spill disaster subsides.

Additionally, Barbour has requested that SBA temporarily suspend loan repayments for Mississippi coastal businesses impacted by the oil spill who have 2005 and 2008 SBA disaster and economic injury loans as a result of Hurricanes Katrina and Gustav.


… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Wally Northway

One comment

Leave a Reply

Your email address will not be published. Required fields are marked *