PINE BELT (WDAM) - The United States Small Business Administration Disaster Loan Outreach Centers are one day away from closing throughout the Pine Belt.
SBA announced that all Disaster Loan Outreach Centers will cease operations at the close of business on Thursday at 7 p.m. Doors open at the outreach centers open at 9 a.m.
The disaster declaration covers the counties of Clarke, Forrest, Jones, Perry and Wayne and the adjacent counties of Covington, George, Greene, Jasper, Lamar, Lauderdale, Newton, Pearl River, Smith and Stone in Mississippi and Choctaw and Washington counties in Alabama.
But homeowners and businesses still have time to apply for a SBA disaster loan. The deadline to file physical property damage is April 1, 2019, and the deadline for economic injury applications is Oct. 31, 2019.
According to SBA, people have the opportunity to choose from three different loans: Business Physical, Economic Injury or a Home Disaster loan. Public affairs specialist Edward Dawson said to do your homework before committing to a loan.
“A lot of the times when you have a larger disaster, as in a presidential declaration, the state comes to the aid of many of the victims, but you just have to do research on your own,” said Dawson.
Dawson said that if SBA cannot support a business or homeowner for the loan, they should search for other resources to help support them.
“Go to the Small Business Development Center at the University of Mississippi and talk to the representatives that are there and they can attest to the money that is here in the state,” said Dawson.
“It takes about 35 minutes to complete the application, I tell people its the best 35 minutes you can spend after being impacted after a disaster,” Dawson added.
According to the SBA, to be eligible you must have an acceptable credit history and show the ability to repay all your loans and collateral.