Over $4 million in SBA Disaster Loans Approved in Mississippi; SBA Urges Submission of Applications Before October 31 Deadline

ATLANTA, Oct. 5, 2012 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration has approved about $4.6 million in disaster assistance loans for 207 Mississippi residents and businesses affected by Hurricane Isaac. The deadline to apply for physical damage is Oct. 31. Those affected by the disaster may apply for disaster loans electronically from SBA's website at https://disasterloan.sba.gov/ela.

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The disaster declaration covers the counties of Adams, Amite, Clarke, Copiah, Forrest, Franklin, George, Hancock, Harrison, Hinds, Jackson, Jefferson, Jones, Lamar, Lincoln, Marion, Pearl River, Pike, Stone, Walthall, Warren and Wilkinson in Mississippi, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.

Small businesses and most private non-profit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Claiborne, Covington, Greene, Issaquena, Jasper, Jefferson Davis, Lauderdale, Lawrence, Madison, Newton, Perry, Rankin, Simpson, Smith, Wayne and Yazoo in Mississippi; Choctaw and Mobile in Alabama; and the parishes of Concordia, East Carroll, East Feliciana, Madison, Saint Helena, Saint Tammany, Tangipahoa, Tensas, Washington and West Feliciana in Louisiana.

SBA offers the following types of low-interest, long-term loans to cover uninsured losses:

Home Disaster Loans: to homeowners to repair disaster-damaged real estate and replace damaged contents. Renters are also eligible for their personal property loss.

Business Physical Disaster Loans: to businesses to repair disaster-damaged property owned by and repair/replace damaged business contents including inventory, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, etc., are also eligible.

Economic Injury Disaster Loans (EIDLs): to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary financial obligations that cannot be met as a direct result of the disaster.

Interest rates are as low as 1.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years.

Details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA 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. 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 damage is October 31, 2012. The deadline to return economic injury applications is May 30, 2013.

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

Contact: Michael Lampton
Phone: (404) 331-0333

Release Number: 13-008, MS 13273/13274

SOURCE U.S. Small Business Administration