SBA Economic Injury Application Deadline for Mississippi is February 14

ATLANTA--(BUSINESS WIRE)--The U.S. Small Business Administration is reminding businesses in Mississippi that Economic Injury Disaster Loans are still available to small businesses and non-profit organizations of all sizes affected by the severe storms, tornadoes, and flooding that occurred from May 1-2, 2010.

“Small businesses and non-profit organizations that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the Feb. 14, 2011 deadline”

“Small businesses and non-profit organizations that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the Feb. 14, 2011 deadline,” said Frank Skaggs, director of SBA Field Operations Center East in Atlanta.

The maximum loan amount is $2 million for eligible entities that suffered substantial economic injury from the disaster. These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.

The interest rates on these loans are 3 percent for non-profit organizations and 4 percent for businesses, with a maximum term of 30 years. The SBA determines the amount of economic injury and the terms of each loan based on the financial circumstances of each borrower. Eligibility for the program is based on the size and type of business, and its financial resources.

These loans are available to businesses and non-profit organizations in the following counties: Alcorn, Benton, Calhoun, Itawamba, Lafayette, Marshall, Panola, Pontotoc, Prentiss, Tate, Tippah, Tishomingo; Union and Yalobusha in the State of Mississippi; contiguous counties of Colbert, Franklin and Lauderdale in the State of Alabama; and contiguous counties of Fayette, Hardeman, Hardin and McNairy in the State of Tennessee.

To obtain disaster loan information and application forms, call the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for people with speech or hearing disabilities) Monday through Friday from 8 a.m. to 6 p.m. ET, or send an e-mail to [e-mail]. Business disaster loan applications can also be downloaded from www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Interested business owners and organizations may visit the SBA’s secure website at https://disasterloan.sba.gov/ela/ to apply for disaster loans.

The deadline for economic injury applications is February 14, 2011.

For more information about the SBA’s Disaster Loan Programs, visit our website at www.sba.gov.

Release Number: 11-228, MS 12187