Businesses and residents in Attala County affected by severe storms, straight-line winds and March tornadoes can now apply for low-interest disaster loans from the US Small Business Administration.
SBA Administrator Isabella Casillas Guzman announced Tuesday that she has made the loans available to Mississippi residents affected by the March 22 storm after receiving a July 18 letter from Governor Tate Reeves requesting a statement. of disaster by the SBA. The statement covers Holmes County and the adjacent counties of Attala, Carroll, Humphreys, Leflore, Madison and Yazoo.
A disaster loan awareness center in Durant will open at 9 a.m. on Thursday, August 4. The center will be located at Durant Missionary Baptist Church, 16455 N. Jackson St., Durant.
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Hours of operation will be 9 a.m. to 6 p.m. Monday through Friday and 10 a.m. to 4 p.m. Saturday. The center will close permanently at 4 p.m. on Thursday, August 18.
“The SBA is firmly committed to providing the people of Mississippi with the most efficient and customer-focused response possible to help businesses of all sizes, homeowners and tenants with federal disaster loans,” Guzman said. “Getting businesses and communities back up and running after a disaster is our top priority at SBA.”
Customer service representatives will be available at the center to answer questions about the disaster loan program and assist individuals with their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect public health and safety. All visitors to the center are encouraged to wear a face mask.
“Businesses and private nonprofit organizations can borrow up to $2 million to repair or replace real estate, machinery and equipment, inventory and other business assets damaged or destroyed by a disaster,” Janita said. Stewart, Mississippi District Director of the SBA.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations, the SBA offers economic disaster loans to help meet working capital needs caused by disaster. Economic disaster loan assistance is available whether or not the business has suffered property damage.
“Loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed property. 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 SBA’s Field Operations Center East in Atlanta.
Applicants may be eligible for an increase in the loan amount of up to 20% of their physical damage, as verified by the SBA for mitigation purposes. Eligible mitigation upgrades may include a safe room or storm shelter, sump pump, French drain, or retaining wall to help protect property and occupants from future damage from a similar disaster.
Interest rates are as low as 2.94% for businesses, 1.875% for nonprofits, and 1.438% for homeowners and tenants, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA statement #17539.
Disaster loan information and application forms can also be obtained by calling the SBA Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech impediment , please dial 7-1-1 to access telecommunications relay services) or by emailing [email protected] Loan applications can also be downloaded from sba.gov/disaster. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline for filing property damage return claims is September 30. The deadline for returning economic injury claims is May 1, 2023.