SBA approves loans following tornado

The U.S. Small Business Administration has approved more than $5 million in  low-interest disaster loans for businesses and residents in Mississippi affected by the severe storms, tornadoes, straight-line winds and flooding on Jan. 20-21.

“Currently, 99 disaster loans have been approved in the amount of $5,382,200 for affected survivors,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.  “With the March 27 deadline to apply for physical disaster loans approaching, we want to encourage everybody who has been referred to the SBA by FEMA to apply for the disaster loan while federal assistance is still available.”

SBA disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters to cover uninsured losses from the disaster.  Interest rates are as low as 3.125 percent for businesses, 2.5 percent for private nonprofit organizations, and 1.5 percent for homeowners and renters.  Loan terms can be up to 30 years.

To be considered for all forms of disaster assistance, applicants should register online at www.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.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.

Loan applications can be downloaded from www.sba.gov/disaster.  Completed applications can be returned to a recovery center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.


The filing deadline to return applications for physical property damage is March 27, 2017.  The deadline to return economic injury applications is Oct. 25, 2017.

 

For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster