SBA Working Capital Loans Available to Small Businesses in Mississippi Due to Continuing Drought

ATLANTA- TheU.S. Small Business Administration (SBA) announced today that federal Economic injury
Disaster Loans (EIDLs) are available in Mississippi for small businesses, small agricultural cooperatives,
small businesses engaged in aquaculture, and most private nonprofit organizations with economic
losses due to the drought conditions that began on Aug. 29.
The declaration includes Adams, Claiborne, Copiah, Forrest, Franklin, George, Hancock, Harrison,
Jackson, Jefferson, Lamar, Lawrence, Lincoln, Marion, Pearl River, Pike, Stone and Walthall counties in
Mississippi; and the contiguous counties of Amite, Covington, Greene, Hinds, Jefferson Davis, Jones,
Perry, Rankin, Simpson, Warren and Wilkinson in Mississippi; Mobile in Alabama; and Concordia, Saint
Tammany, Tangipahoa, Tensas and Washington parishes in Louisiana.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages
and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected
by the same disaster,” said Ed Fears, acting director of SBA’s Field Operations Center East.
Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible
farm-related and nonfarm-related entities that suffered financial losses as a direct result of this
disaster. Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural
producers, farmers, and ranchers. Nurseries are eligible to apply for economic injury disaster loans for
losses caused by drought conditions.
The loan amount can be up to $2 million with interest rates of 4% for small businesses and
2.375% for private nonprofit organizations, with terms up to 30 years. Interest does not begin to accrue,
and monthly payments are not due until 12 months from the date of the initial disbursement. Eligibility
is based on the size of the applicant, type of activity and its financial resources. These working capital
loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been
paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure
website at and should apply under SBA declaration # 18159.
Disaster loan information and application forms may 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 be downloaded from the SBA’s website at Completed applications should be mailed to: U.S. Small Business Administration,
Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Submit completed loan applications to the SBA no later than May 6, 2024.