While the flooding in the South Delta destroyed homes and property, it also caused business, even those without physical damage, to suffer.
In light of the Presidential disaster declaration from the flood, the U.S. Small Business Administration is opening a disaster recovery center in Vicksburg to help individuals and businesses recover.
The disaster declaration covers Clay, Humphreys, Issaquena, Lowndes, Monroe, Sharkey, Warren and Yazoo counties 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: Attala, Chickasaw, Claiborne, Hinds, Holmes, Itawamba, Lee, Leflore, Madison, Noxubee, Oktibbeha, Sunflower, Washington and Webster in Mississippi.
The SBA is offering loans of up to $2 million to business and organizations of any size to repair disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Applicants may be eligible for a loan increase up to 20% of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster
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.
Interest rates are as low as 4% for businesses, 2.75% for nonprofit organizations and 2.063% for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
The filing deadline to return applications for physical property damage is Nov. 19. The deadline to return economic injury applications is June 22.
To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to firstname.lastname@example.org.