SBA offering loans to those affected by May flooding
Low interest disaster loans from the U.S. Small Business Administration are available for homeowners, renters, businesses and nonprofits that were affected by the flash flooding on May 8 and 9.
Home loans are available for up to $200,000, and business loans and economic injury disaster loans are available for up to $2 million for businesses or nonprofits, according to a press release from the SBA. Businesses and nonprofits can get loans even if they did not have physical damage because of the flood, said Leroy Frazier, public affairs specialist with the SBA office of disaster assistance.
“If they were economically impacted, for example if they have the inability to take care of regular and ongoing expenses, this is an opportunity to get some working capital to help them over this hard period,” Frazier said.
The loans have interest rates ranging from 1.938 percent to 8 percent, and the application deadlines are Jan. 21, 2020 for physical damage or Aug. 19, 2020 for economic injury, according to the release.
SBA customer service representatives are available to answer questions about the program and help people complete loan applications at a Disaster Loan Outreach Center, currently located in Stone County. The center will be open Monday through Friday from 9 a.m. to 6 p.m. and Saturday from 10 a.m. to 2 p.m. The center’s last day in Stone County will be Tuesday, Dec. 17, 2019. The center is located at The New Hope Road Shelter, 1048 New Hope Road, Wiggins, Miss.
The center allows applicants to sit in front of someone and ask questions and get assistance, Frazier said. People who visit the center to fill out applications should bring their financial and tax information, he said. Applicants can also call the customer service number, 1-800-659-2955 or email firstname.lastname@example.org.
If a loan application is approved, the recipient may also be eligible for additional funds for mitigation improvements, Frazier said. The funds can be up to 20 percent of the loan, which can go to preventing flood damage in the future.
“If the house were at lower level, the house could be raised to a higher level, or they can be moved to another area—that is an option that the applicant would have,” Frazier said.
The loans are available to residents in Pearl River, Stone, Forrest, George, Hancock, Harrison, Jackson, and Perry counties, because of Mississippi Declarations 16206 and 16207.