Low interest disaster loans available for those impacted by tropical storm Arthur
SOUTH MISSISSIPPI (WXXV) — In June, the remnants of tropical storm Arthur caused historic flooding which impacted south Mississippi residents across multiple counties. Now, those who may need financial assistance as a result have new options.
The U.S. Small Business Administration is offering disaster relief in the form of low interest loans for the businesses, non-profits, and residents impacted by that heavy rain and flooding.
“These are not your commercial loans, so these loans are not available otherwise. These are only depleted in the time that a presidential declaration is in effect, and these funds are made available straight from the U.S. Treasury. These loans are secured by SBA,” said Liliana Tschanett with the SBA Office of Disaster Recovery.
Disaster loan applications are now open in response to the presidential disaster declaration issued in early August. Those residing in Hancock, Harrison, Pearl River and Stone counties are eligible for Physical Damage Loans and Economic Injury Disaster Loans from the SBA. Those in adjacent counties can apply for the EIDLs.
Businesses and non-profits may be eligible for loans of up to $2 million, and homeowners can apply for up to $500,000 to repair or replace their primary residence. Plus, these loans have interest rates as low as 4% for businesses, 3.6% for private non-profits, and 2.8% for homeowners and renters.
“The first 12 months, it’s interest free and no payment is expected, and also, these loans are looked upon individually. So, think about it for somebody that thinks ‘Oh, my credit score is not good,’ or ‘I cannot apply because they will deny me.’ Within the limits of the law, we’ll do anything we can to help every applicant,” said Tschanett. “May 3rd is the deadline for the Economic Injury Disaster Loan, and October 3rd of this year is the deadline for physical damages.”
For those who wish to apply online, click here. Otherwise, a business recovery center is now open in Stone County for those who wish to apply in person. It is located at the New Hope Road shelter in Wiggins — open Monday – Friday each week from 9 a.m.-6 p.m., and on Saturdays from 10 a.m.-2 p.m.
