SBA Offers Disaster Assistance to Businesses and Residents of Mississippi Affected by Severe Storms and Tornadoes

WASHINGTON – Low-interest disaster loans from the U.S. Small Business Administration (SBA) are
available to businesses and residents in Mississippi due to damages from severe storms, and tornadoes
from March 31 through April 1.

Administrator Guzman made the loans available in response to a letter from Mississippi Governor
Tate Reeves dated April 21, requesting a disaster declaration by the SBA. Businesses and residents in
the declared area can now apply for low-interest disaster loans from the SBA. The declaration covers
DeSoto County and the adjacent counties of Marshall, Tate and Tunica in Mississippi; Crittenden in
Arkansas; and Shelby in Tennessee.

“The SBA is strongly committed to providing the people of Mississippi with the most effective and
customer-focused response possible to assist businesses of all sizes, homeowners and renters with
federal disaster loans,” said Guzman. “Getting businesses and communities up and running after a
disaster is our highest priority at SBA.”

To assist businesses and residents affected by the disaster, the SBA will open a Disaster Loan Outreach
Center (DLOC) at 11 a.m. on Friday, April 28, at the Eudora Volunteer Fire Department.

Disaster Loan Outreach Center
DeSoto County
Eudora Volunteer Fire Department
9341 W. Commerce St.
Hernando, MS 38632
Opening:  Friday, April 28, 11 a.m. to 6 p.m.
Hours: Monday to Friday, 8 a.m. to 6 p.m.
Saturday, 10 a.m. to 2 p.m.
Closed: Sunday
Closes Permanently: Thursday, May 11, 4 p.m.

Customer Service Representatives will be available at the DLOC to answer questions about the disaster
loan program and help individuals complete their applications. Due to the ongoing COVID-19
pandemic, the SBA has established protocols to help protect the health and safety of the public. All
visitors to the BRCs are encouraged to wear a face mask.

“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”, said SBA’s Mississippi District Director Janita Stewart.

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.

“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real
estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or
destroyed personal property,” said Kem Fleming, director of SBA’s Field Operations Center East in
Atlanta.
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.

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.

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 # 17895.
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 June 26, 2023. The deadline
to return economic injury applications is Jan. 25, 2024.