WASHINGTON – Low-interest disaster loans from the U.S. Small Business Administration (SBA) are
available to businesses and residents in Mississippi following the announcement of a Presidential
disaster declaration due to damages from severe storms, straight-line winds and tornadoes on
March 24-25.
“With President Biden’s declaration, SBA is working closely with FEMA and our state and local officials
on the ground to deliver expedient disaster recovery loans and support that will aid Mississippians
impacted by this severe and devastating weather event,” said SBA Administrator Isabella Casillas
Guzman. “My heartfelt condolences go out to the families who have lost loved ones, and I urge affected
residents to stay safe and heed the guidance of local emergency officials. The SBA is committed to
providing the full breadth of our resources to help small businesses and communities recover and
rebuild stronger than before.”
The disaster declaration covers Carroll, Humphreys, Monroe and Sharkey 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 (EIDLs): Attala, Chickasaw, Clay, Grenada, Holmes, Issaquena,
Itawamba, Lee, Leflore, Lowndes, Montgomery, Sunflower, Washington and Yazoo in Mississippi; and
Lamar and Marion in Alabama.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or
replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other
business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and
most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) 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 for up to $40,000 to repair or replace
disaster-damaged or destroyed personal property.
Interest rates are as low as 4 percent for businesses, 2.375 percent for nonprofit organizations, and
2.375 percent 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.
Building back smarter and stronger can be an effective recovery tool for future disasters. Applicants
may be eligible for a loan amount increase of up to 20 percent 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.
“The opportunity to include measures to help prevent future damage from occurring is a significant
benefit of SBA’s disaster loan program,” said SBA Associate Administrator Francisco Sanchez, Jr. “I
encourage everyone to consult their contractors and emergency management mitigation specialists for
ideas and apply for an SBA disaster loan increase for funding.”
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at
https://disasterloanassistance.sba.gov/ela/s/ and should apply under SBA declaration # 17836.
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.
Disaster loan information and application forms can also be obtained by calling the SBA’s Customer
Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial
7-1-1 to access telecommunications relay services) or sending an email to
[email protected]. Loan applications can also be downloaded from sba.gov/disaster.
Completed applications should be 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 May 25, 2023. The deadline
to return economic injury applications is Dec. 26, 2023.
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About the U.S. Small Business Administration
Recently, U.S. SBA Administrator Isabella Casillas Guzman announced a policy change granting 12 months
of no payments and 0 percent interest. This policy change will benefit disaster survivors and help them to
decrease the overall cost of recovery by reducing the amount of accrued interest they must repay. Details
are available through the SBA Disaster Assistance Customer Service Center at 800-659-2955. Individuals
with verbal or hearing impairments may dial 7-1-1 to access telecommunications relay services from 8
a.m. to 8 p.m. ET, Monday to Friday, or email: [email protected].
The U.S. Small Business Administration helps power the American dream of business ownership. As the only goto resource and voice for small businesses backed by the strength of the federal government, the SBA
empowers entrepreneurs and small business owners with the resources and support they need to start,
grow or expand their businesses, or recover from a declared disaster. It delivers services through an
extensive network of SBA field offices and partnerships with public and private organizations. To learn
more, visit www.sba.gov.
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