SBA Offering Loans in Wake of Storms

U.S. Small Business Administration (SBA) low-interest disaster loans will be made to Mississippi residents affected by severe storms and flooding that occurred November 15-16, 2006.

The SBA took this action following a November 16 letter from Gov. Haley Barbour requesting a disaster declaration by the SBA. The declaration covers Greene, Jones and Lamar counties and neighboring counties of Covington, Forrest, George, Jasper, Jefferson Davis, Marion, Pearl River, Perry, Smith and Wayne. It also includes Mobile and Washington counties in Alabama.

Frank Skaggs, director of the SBA's Disaster Field Operations Center East said, "Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. SBA customer service representatives will be on hand At Disaster Loan Outreach Centers to issue loan applications, answer questions about SBA's disaster loan program, explain the application process and help individuals complete their applications."
The centers are located in the Sand Hill Community Center in Sand Hill, Equal Opportunity Commission Office in Laurel and Sumrall City Hall in Sumrall.

Businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

Individuals and businesses unable to visit the SBA in person may obtain information and loan applications by calling toll-free 1-800-659-2955. Hearing impaired individuals may call 1-800-877-8339.