SBA Offers Disaster Assistance to Residents of Mississippi Affected by Severe Weather and Flooding

February 5, 2019

 

WASHINGTON – Mississippi businesses and residents affected by the severe weather and flooding on Dec. 27-28, 2018, can apply for low-interest disaster loans from the U.S. Small Business Administration, Administrator Linda McMahon announced today.
 
Administrator McMahon made the loans available in response to a letter from Gov. Phil Bryant on  Jan. 28, 2019, requesting a disaster declaration by the SBA.  The declaration covers Clarke, Forrest, Jones, Perry and Wayne and the adjacent counties of Covington, George, Greene, Jasper, Lamar, Lauderdale, Newton, Pearl River, Smith and Stone in Mississippi; and Choctaw and Washington in Alabama.
 
“The SBA is strongly committed to providing the people of Mississippi with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said McMahon. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
 
SBA’s Customer Service Representatives will be available at the Disaster Loan Outreach Centers to answer questions about the disaster loan program and help individuals complete their applications.
 
The Centers are located in the following communities and are open as indicated:
 
Clarke County  Clarke County Emergency Management Agency  642 South Archusa Avenue Quitman, MS 39355
 
Opens: Tuesday, Feb. 5 at 11 a.m. Hours: Monday through Friday, 10 a.m. – 7 p.m. Saturdays, 9 a.m. – 1 p.m. Closed: Sundays
 
Forrest County  CE Roy Community Center  300 East 5th Street Hattiesburg, MS 39401
 
Opens: Tuesday, Feb. 5 at 11 a.m. Hours: Monday through Friday, 10 a.m. – 7 p.m. Saturdays, 9 a.m. – 1 p.m. Closed: Sundays
 
Jones County  Jones County Emergency Management Agency 22 Mason Street Laurel, MS 39440
 
Opens: Tuesday, Feb. 5 at 11 a.m. Hours: Monday through Friday, 10 a.m. – 7 p.m. Saturdays, 9 a.m. – 1 p.m. Closed: Sundays
 
Perry County Perry County Multipurpose Center 1194 Highway 15 Richton, MS 39476
 
 
Opens:  Tuesday, Feb. 5 at 11 a.m.  Hours:  Monday through Friday, 10 a.m. – 7 p.m. Saturdays, 9 a.m. – 1 p.m. Closed: Sundays
 
Wayne County  City Four Voting Precinct 810 Chickasawhay Street Waynesboro, MS 39367
 
Opens: Tuesday, Feb. 5 at 11 a.m.  Hours: Monday through Friday, 10 a.m. – 7 p.m. Saturdays, 9 a.m. – 1 p.m. Closed: Sundays
 
 “Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Mississippi District Director Janita Stewart.
 
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, 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.
 
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, center director of SBA’s Field Operations Center East in Atlanta.   
 
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes.  Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
 
Interest rates are as low as 3.74 percent for businesses, 2.75 percent for nonprofit organizations, and 2 percent for homeowners and renters with terms up to 30 years.  Loan amount 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 DisasterLoan.sba.gov.   Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov. Completed applications should be returned to the centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
 
The filing deadline to return applications for physical property damage is April 1, 2019.  The deadline to return economic injury applications is Oct. 31, 2019.
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