ATLANTA, Ga. (WDAM) – The US Small Business Administration announced on Wednesday that economic disaster loans are available to small businesses, small agricultural co-operatives, small businesses engaged in aquaculture, and most private organizations in nonprofit affected by strong winds, heavy rains and Hurricane / Tropical Storm Ida.
The statement covers the following major counties in Mississippi:
The contiguous counties of Mississippi include:
- Jefferson Davis
- Pearl River
In addition, Alabama’s contiguous counties of Mobile and Sumter; and the contiguous Louisiana parishes of Orleans, Saint Bernard, Saint Tammany, Tangipahoa and Washington.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damage and crop loss, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” said Kem Fleming , director of the SBA’s Field Operations Center East. .
Under this statement, the SBA’s Economic Disaster Lending Program is available to eligible agricultural and non-agricultural entities that have suffered financial losses as a direct result of this disaster.
Other than aquaculture businesses, the SBA cannot provide disaster loans to agricultural producers, farmers or ranchers.
The loan amount can be up to $ 2 million with interest rates of 2.855% for small businesses and 2% for private non-profit organizations, with terms of up to 30 years.
These working capital loans can be used to pay off fixed debts, payroll, accounts payable and other bills that might have been paid had the disaster not occurred.
Loans are not meant to replace lost sales or profits. Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/ and must apply under SBA Declaration No. 17282, not for the COVID-19 incident.
Disaster loan information and application forms can also be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing) or by sending an email to [email protected]
Loan applications can be downloaded from the SBA website at sba.gov/disaster.
Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Submit completed loan applications to the SBA by August 8, 2022.
Copyright 2021 WDAM. All rights reserved.