HATTIESBURG, Mississippi (WDAM) – Some businesses and residents of the Pine Belt area affected by flash floods May 8-9, 2019 may apply for low-interest disaster loans from the US Small Business Administration.
Acting administrator Christopher Pilkerton announced the offer on Nov. 21 after making the loans available in response to a letter from Gov. Phil Bryant requesting a declaration of disaster by the SBA.
The statement covers Stone, Forrest, George, Hancock, Harrison, Jackson, Pearl River and Perry counties.
“The SBA is strongly committed to providing the people of Mississippi with the most effective, customer-centric response possible to assist businesses of all sizes, homeowners and tenants with federal disaster loans,” said said Pilkerton. “Getting businesses and communities up and running after a disaster is our top priority at SBA. “
Applicants may be eligible for an increase in the loan amount up to 20 percent of their physical damage as verified by the SBA for mitigation, which may include a safe room or storm shelter, a sump pump, French drain or retaining wall to help protect property and occupants from future damage from a similar disaster.
“Businesses and private non-profit organizations can borrow up to $ 2 million to repair or replace real estate, machinery and equipment, inventory and other commercial property damaged or destroyed by a disaster,” said Janita R. Stewart, Mississippi District Director of the SBA.
The SBA offers economic disaster loans to help meet the capital needs of small businesses, small farm businesses, and most private non-profit organizations, and help is available regardless of whether the business has suffered or not material damage.
“Loans of up to 200,000 are available for homeowners to repair or replace damaged or destroyed real estate. Homeowners and tenants are eligible for loans of up to $ 40,000 to repair or replace damaged or destroyed personal property, ”said Kem Fleming, director of the SBA’s Field Operations Center East in Atlanta.
Interest rates are as low as four percent for businesses, 2.75 percent for nonprofits, and 1.93 percent for homeowners and tenants with terms of up to 30 years, because the amounts and terms of the loans are set by the SBA and are based on the financial status of each applicant.
SBA customer service representatives will be available at the Disaster Loan Assistance Center, located at the New Hope Road Shelter at 1084 New Hope Road in Wiggins. It will be open from Tuesday December 3 to Tuesday December 17.
The Center will be open from 11 a.m. to 6 p.m. on December 3, in addition to being open all week, Monday to Friday, from 9 a.m. to 6 p.m. It will be open from 9 a.m. to 4 p.m. on December 17. It will not be open on Saturday.
Applicants can apply online using Electronic Loan Application (ELA) through the SBA secure site.
Businesses and individuals can also obtain information and apply for a loan by calling the SBA Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing), or by email.
Loan applications can also be downloaded here, and completed applications should be returned to the center or mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline for returning property damage claims is January 21, 2020, and the deadline for returning economic damage claims is August 19, 2020.
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