MEMA to make money available for areas impacted by winter storm Fern
MISSSISSIPPI (WCBI) – The Mississippi Emergency Management Agency Will be making money available to local governments impacted by Winter Storm Fern.
MEMA is launching the Local Government Disaster Recovery Emergency Loan Program.
The program has $125 million available to loan to cities and counties to pay for recovery efforts while they wait for reimbursement from the Federal Emergency Management Agency.
It will allow them to begin recovery work immediately.
Recipients will have to establish a dedicated source for repayment in case FEMA does not reimburse their expenses. If reimbursement is approved, the loans must be repaid immediately.
If FEMA does not reimburse, the loans can be paid back at an interest rate of 3% per year.
