ATLANTA – The U.S. Small Business Administration (SBA) (SBA) is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations that Dec. 26 is the filing deadline for federal working capital loans in Mississippi due to severe storms, straight-line winds and tornadoes that occurred from March 24-25, 2023.
Low-interest disaster loans are available in the primary counties of Carroll, Humphreys, Monroe and Sharkey; and the adjacent counties of Attala, Chickasaw, Clay, Grenada, Holmes, Issaquena, Itawamba, Lee, Leflore, Lowndes, Montgomery, Sunflower, Washington and Yazoo in Mississippi; and Lamar and Marion in Alabama.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) 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.
The loan amount can be up to $2 million with interest rates of 4% for small businesses and 2.375% for private nonprofit organizations, with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition. Interest does not accrue, and payments are not due until twelve months from the date of the first loan disbursement. Eligibility is based on the size of the applicant, type of activity and its financial resources. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online via the SBA’s secure website at sba.gov/disasterand should apply under SBA declaration # 17837.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or sending an email to DisasterCustomerService@sba.gov. Loan applications can be downloaded from the SBA’s website at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Submit completed loan applications to SBA no later than Dec. 26, 2023.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.