Disaster Assistance for Alcorn, Prentiss, Tippah and Tishomingo Residents
My name is Courtney Smith. I am a Public Affairs Specialist (PAS) with The U.S. Small Business Administration, in the Office of Disaster Assistance. I am writing to inform you of SBA’s Disaster Loan program and the federal assistance provided to homeowners, renters, businesses and private non-profits residing in the primary and contiguous disaster declared counties of MS (see attached fact sheet & press release). I am assigned to and will be providing outreach in the following counties: Alcorn, Prentiss, Tippah & Tishomingo. Renters, homeowners, businesses of all sizes and private non-profits organizations are eligible to apply for loans for uninsured and under-insured losses.
Renters can apply for up to $40K to replace lost or damaged personal items, including vehicles. Homeowners may apply for up to $200,000 to repair their homes and an additional $40K for personal property. Businesses of all sizes, non-profits, and faith-based organizations can apply for up to $2 million for physical damages. Small businesses and non-profits can apply for economic injury loans as well.
Here are some program highlights:
- Loans for homeowners and renters are as low as 1.5% with a term up to 30 years.
- Loans for businesses are as low as 3.8 % with a term up to 30 years.
- Loans for churches and other private, non-profits are 2.75%, with a term up to 30 years.
- Loans are directly from the federal government—the rate and term will not change.
- If offered a loan, you have 60 days to decide to accept it, and can decline it or accept a partial amount. If you decline, you have 6 months to change your mind and reapply.
- Individuals and Businesses can borrow up to $25,000 without a lien on their property (no collateral).
- SBA disaster loans have a 4-month deferment, with the first payment due 5 months from the date the final documents are signed, so that businesses and residents can make repairs and replacements before payments begin.
- Small businesses, including farm-related businesses, agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations can also apply for Economic Injury Disaster Loans to meet working capital needs caused by the disaster. The deadline for physical damage loan applications is February 28, 2020 while the deadline for working capital loan (economic injury) applications is September 30, 2020.
- Owners of rental properties may apply for a business loan.
- Online applications: Disasterloan.sba.gov or call: 800-659-2955 with questions or to request a paper loan application.
Survivors can apply online at www.disasterloan.sba.gov or visit a Disaster Loan Outreach Center (DLOC) for one-on-one personal assistance.
The Center is located in the following community and is open as indicated:
Corinth, MS 38834
Opening: Friday, Jan. 3 from 11 a.m. to 6 p.m.
Hours: Monday – Friday, from 9 a.m. to 6 p.m.
Saturdays from 10 am to 2 p.m.
Last day: Tuesday, Jan. 14 from 9 a.m. to 4 p.m.