SBA Loans for April 11 Storm in 5 Eastern Mississippi Counties

People affected by tornadoes and storms that struck Mississippi last week in Noxubee County and four adjacent eastern counties will be able to apply for low-interest loans from the federal Small Business Administration. Kemper, Lowndes, Oktibbeha and Winston counties also are included.

They can able to apply for up to $200,000 in loans to repair or replace real estate, and up to $40,000 for loans to repair or replace personal property damaged by the storms last Thursday.

The deadline to file applications for physical property damage is June 17, 2013. For economic injury applications, the deadline is Jan. 21.

Loans to businesses of all sizes and nonprofit organizations will be available to repair damage to real estate, machinery, equipment and inventory. Loan amounts and terms are set by the SBA, based on each applicant’s financial condition.

A news release from the Mississippi Emergency Management Agency says the SBA interest rates are as low as 1.750 percent for homeowners and renters, 2.875 percent for nonprofit organizations and 4 percent for businesses. Repayment can take up to 30 years.