SBA Offers Disaster Assistance to Mississippi Residents Affected By Flooding

WASHINGTON, Sept. 25, 2014 /PRNewswire-USNewswire/ -- Mississippi residents and businesses affected by Flooding on Sept. 11, 2014 can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Maria Contreras-Sweet announced today. 

Administrator Contreras-Sweet made the loans available in response to a letter from
Gov. Phil Bryant on Sept. 20, requesting a disaster declaration by the SBA.  The declaration covers DeSoto County and the adjacent counties of Marshall, Tate, and Tunica in Mississippi; Crittenden in Arkansas; and Shelby in Tennessee.

"The SBA is strongly committed to providing the people of Mississippi with the most effective and customer-focused response possible to assist homeowners, renters, and businesses of all sizes with federal disaster loans," said Administrator Contreras-Sweet. "Getting our businesses and communities up and running after a disaster is our highest priority at SBA."

"Loans up to $200,000 are available to homeowners to repair or replace disaster 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 Frank Skaggs, director of SBA's Disaster Field Operations Center East in Atlanta.  SBA Customer Service Representatives will be at the Disaster Loan Outreach Center to issue loan applications, answer questions and help individuals complete their applications.

The center is located in the following community and open as indicated: 

DeSoto County

M. R. Davis Public Library

8554 Northwest Drive

Southaven, MS 38671

Opens: Friday, Sept. 26, 10 a.m. to 5:30 p.m.

Hours:    10 a.m. to 7 p.m., Mondays – Thursdays

              10 a.m. to 5:30 p.m., Fridays

              10 a.m. to 2 p.m., Saturdays (closed Sundays)

Closes: Tuesday, October 7 at 4 p.m.

"Businesses and non-profit organizations of any size  may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets," said  SBA Mississippi District Director Janita Stewart.

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster. 

For small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster.  EIDL assistance is available regardless of whether the business suffered any physical property damage. 

Interest rates are as low as 2.063 percent for homeowners and renters, 2.625 percent for nonprofit organizations and 4 percent for businesses 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 https://disasterloan.sba.gov/ela.

Individuals and businesses 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 [email protected]. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be returned to the center 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 November 24, 2014.  The deadline to return economic injury applications is June 24, 2015.

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.

Release Number: 14-360, MS 14124/14125 

Contact: Michael Lampton
Email: [email protected]
Phone: (404) 331-0333

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SOURCE U.S. Small Business Administration

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