SBA disaster loan deadline in Mississippi approaching

Originally published by the Associated Press

The U.S. Small Business Administration is reminding businesses, private nonprofit groups, homeowners and renters in Mississippi of the deadline to submit disaster loan applications for damages caused by tornadoes, wind, rain, lightning and flooding on April 30.

The deadline is Aug. 11.

Low-interest loans are available in Holmes and Montgomery counties and the adjacent counties of: Attala, Carroll, Choctaw, Grenada, Humphreys, Leflore, Madison, Webster and Yazoo.

Businesses and nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Loans up to $200,000 are available to homeowners to repair or replace 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.

Interest rates are as low as 3.215 percent for businesses, 2.5 percent for nonprofit organizations, and 1.938 percent for homeowners and renters with terms up to 30 years.

Applicants may apply online via SBA’s secure website at https://disasterloan.sba.gov/ela. Applications may also be obtained by calling the SBA’s Customer Service Center at 1-800-659-2955.

Completed applications should be mailed by the deadline to:

U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155.

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