Mississippi small businesses are eligible to apply for SBA Working Capital Loans due to the August 2022 flood

MERIDIAN, Miss. (WTOK) – Several counties in the state of Mississippi will immediately provide loan assistance after the August 2002 flood that affected many businesses and organizations. The US Small Business Administration provided the following information:

The US Small Business Administration (SBA) announced Thursday that Economic Injury Disaster Loans (EIDLs) are available in Mississippi for small businesses, small agricultural organizations, small businesses that work in agriculture, and many other non-profit organizations affected by heavy rains and floods that occurred in August. .1-31, 2022.

The declaration covers the main counties of Franklin, Harrison, Holmes, Humphreys, Issaquena, Jackson, Jefferson Davis, Lawrence, Leake, Pike, Sharkey, Stone, and Yazoo in Mississippi; and neighboring counties of Adams, Amite, Attala, Carroll, Copiah, Covington, Forrest, George, Hancock, Hinds, Jefferson, Lamar, Leflore, Lincoln, Madison, Marion, Neshoba, Newton, Pearl River, Perry, Scott, Simpson, Sunflower , Walthall, Warren, Washington, Wilkinson and Winston in Mississippi; Mobile in Alabama; Chicot in Arkansas; and the neighboring parishes of East Carroll, Tangipahoa, and Washington in Louisiana.

“When the Secretary of Agriculture issued a disaster declaration to help farmers recover from the damage and loss of crops, the Small Business Administration will issue a declaration to qualified organizations, affected by the same disaster,” said Kem Fleming, director of SBA’s Field Operations Center East.

Under this commitment, the SBA Economic Injury Disaster Loan program is available to eligible agricultural and non-agricultural related organizations. suffered financial losses as a result of this incident. With the exception of agricultural enterprises, the SBA cannot make emergency loans to farmers, ranchers, or farmers. way.

The loan amount can be up to $2 million at an interest rate of 3.04 percent for small businesses and 1.875 percent for unfunded private organizations, with the following terms: up to 30 years. These payday loans can be used to pay permanent debts, wages, debt payments, and other bills that could have been paid if the accident had not occurred. Loans are not intended to replace lost sales or income.

Applicants can apply online using the Electronic Loan Application (ELA) through the SBA website at https://disasterloanassistance.sba.gov/ela/s/ and must be used under SBA declaration #17755.

Emergency loan information and application forms are also available by calling the SBA’s Customer Service Center at 800-659-2955 (if deaf, hard of hearing hearing, or speech is not complete, please call 7-1-1 to access communications services) or send an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded sba.gov/disaster. Completed applications should be sent to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Submit completed loan applications to the SBA no later than September 11, 2023.

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