Small businesses in Mississippi eligible to apply for SBA working capital loans

From the United States Small Business Administration

ATLANTA, Miss. (WDAM) - The United States Small Business Administration announced Wednesday that “Economic Injury Disaster Loans” are available in Mississippi.

The SBA has declared small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations affected by excessive rain and flooding that occurred Aug. 1 through Aug. 31, 2022, are eligible to apply

The declaration covers the Covington, Forrest, Georg, Jefferson Davis, Lamar, Marion, Pearl River, Perry and Stone in Mississippi.

“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected by the same disaster,” said Kem Fleming, director of SBA’s Field Operations Center East.

Under this declaration, the SBA’s “Economic Injury Disaster Loan” program will be available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.

Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers or ranchers.

The loan amount can be up to $2 million, with interest rates of 3.04 percent for small businesses and 1.875 percent for private nonprofit organizations, with terms up to 30 years.

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 using the Electronic Loan Application via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/ and should apply under SBA declaration # 17755.

Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 1-800-659-2955.

For the deaf, hard of hearing or those with a speech disability, please dial 7-1-1 to access telecommunications relay services or send an email to DisasterCustomerService@sba.gov.

Loan applications also can be downloaded from 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 Sept. 11, 2023.

Want more WDAM 7 news in your inbox? Click here to subscribe to our newsletter.