SBA opening up loan process for businesses, non-profits, and individuals affected by Winter storm

NORTH MISSISSIPPI (WCBI) – The Small Business Administration is coming to the aid of business and individuals affected by January’s winter storm.

In response to the Presidential Disaster Declaration issued on April 10th, the S-B-A has announced the availability of low interest disaster loans for businesses, private non-profits, and residents.

The declaration covers 36 counties and the Mississippi Band of Choctaw Indians.

The counties in our area include: Alcorn, Calhoun, Carroll, Grenada, Lafayette, Lee, Montgomery, Pontotoc, Prentiss, Tippah, Tishomingo, Union, and Yalobusha.

Physical Damage Loans and Economic Injury Disaster Loans are available in those counties.

Businesses and non-profits are eligible to apply for physical disaster loans to repair or replace disaster-damaged or destroyed real estate, machinery, equipment, inventory and other business assets.

Homeowners and renters can apply for home and personal property loans to replace or repair personal property, such as furniture, clothing, cars, and appliances. They may also be able to apply for loans to repair or replace their primary residence.

Interest rates start at 4% for businesses, 3.625 % for non-profits, and 2.875% for individuals.

Businesses and private non-profits in some of the adjacent counties, including: Chickasaw, Choctaw, Itawamba, Monroe, Neshoba, Webster, and Winston may be eligible for Economic Injury Disaster Loans.

For more information you can go to sba.gov or call 800-659-2955.