SBA offering disaster assistance in county
Published 12:00 pm Friday, January 15, 2016
The U.S. Small Business Administration’s Administrator Maria Contreras-Sweet issued the following statement after the announcement of the presidential disaster declaration for several counties in Mississippi affected by severe storms, tornadoes, high winds and flooding that occurred Dec. 23-28, 2015:
“The U.S. Small Business Administration is strongly committed to providing the people of Mississippi with the most effective and customer-focused response possible to assist businesses, homeowners and renters with federal disaster loans. Getting businesses and communities up and running after a disaster is our highest priority at the SBA.”
The disaster declaration covers the counties of Benton, Coahoma, Marshall, Quitman, and Tippah in Mississippi which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Alcorn, Bolivar, DeSoto, Lafayette, Panola, Prentiss, Sunflower, Tallahatchie, Tate, Tunica and Union in Mississippi.
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Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by the SBA, to make upgrades that lessen the risk of property damage by similar future disasters.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans 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.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.