Warren County eligible for SBA disaster loans following Jackson Water Crisis
Published 11:51 am Friday, September 23, 2022
Mississippi small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations affected by the Jackson Water Crisis that began Aug. 30, may apply for low-interest Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration, SBA Administrator Isabella Casillas Guzman announced Sept. 15.
Guzman made the loans available in response to a letter from Mississippi Governor Tate Reeves on Sept. 12, requesting a disaster declaration by the SBA. Eligible applicants in the declared area can now apply for low-interest disaster loans from the SBA. The declaration covers Hinds County and the adjacent counties of Claiborne, Copiah, Madison, Rankin, Simpson, Warren and Yazoo in Mississippi.
“SBA’s mission-driven team stands ready to help small businesses and private nonprofit organizations in Hinds County impacted by the Jackson Water Crisis,” Guzman said. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
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“Needless to say, safe drinking water is a necessity, and the loss of this essential resource has resulted in devasting economic impacts on the people and businesses of Jackson and surrounding communities,” said Francisco Sanchez, Jr., Associate Administrator, Office of Disaster Assistance, U.S. Small Business Administration. “Those that have suffered economic losses should find comfort that the SBA is now ready to move rapidly to provide federal disaster assistance.”
To assist businesses affected by the disaster, the SBA opened a Business Recovery Center (BRC) in Jackson on Sept. 17. The location and hours are listed in the attached release. Applicants may also apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.
Interest rates are 3.04 percent for businesses and 1.875 percent for nonprofit organizations, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. The application deadline is June 14, 2023.