ATLANTA--(BUSINESS WIRE)--The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations located in Mississippi of the deadline to submit disaster loan applications for damage caused by the severe storms and tornadoes that occurred March 25 – 28, 2009. The deadline to file an application for physical damage is June 1, 2009. Homeowners, renters, non-profit organizations and businesses of all sizes in the following counties are eligible to apply for physical disaster assistance: Copiah, Covington, Hinds, Jefferson Davis, Lawrence, Rankin, Simpson and Smith. The SBA offers loans up to $200,000 to repair disaster damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture, appliances and clothing. Loans to businesses of all sizes and non-profit organizations are available up to $2 million to repair damage to real estate, machinery, inventory and equipment. SBA Economic Injury Disaster Loans (EIDLs) are available to small businesses, and most private, non-profit organizations of all sizes to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage. Interest rates are as low as 2.187 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition. Additionally, disaster victims with insurance should not wait for an insurance settlement before applying to the SBA. If victims do not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan. The SBA also offers mitigation funds to disaster victims based on 20 percent of the verified physical damage. These funds are designed to help borrowers pay for protective measures which may prevent damages of the same kind in the future.
