Low interest disaster loans are now available to Mississippi’s small businesses and private non-profit organizations affected by the algae bloom.
The U.S. Business Administration made the loans available following Governor Phil Bryant’s letter requesting a disaster declaration by the SBA.
Eligible entities may qualify for loans up to $2 million. The loan rates will be four percent for small businesses and 2.75 percent for non-profits with terms up to 30 years.
Disaster Loan Outreach Centers are available in Harrison, Hancock, and Jackson counties to provide information and to help individuals complete applications. Janel Finley with SBA Public Affairs said, “A lot of businesses might have been affected with this algae where they might have lost revenue or they might have had to close up for a while. We’re here to offer those low interest loans to help them to replenish back that revenue that they lost.”
The Outreach Centers are here on the Coast until February 5th. They’re open Monday through Friday from 9 a.m. to 6 p.m. and Saturdays from 10 a.m. to 2 p.m.