Water crisis-affected business loans
Mississippi small businesses, small agricultural cooperatives, small aquaculture companies and
private nonprofit organizations affected by the Jackson Water Crisis in six counties, including Copiah, can apply for low-interest Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration (SBA).
Applicants in the declared disaster area encompassing Hinds, Claiborne, Madison, Rankin, Simpson, Warren and Yazoo Counties as well as Copiah are eligible.
“SBA’s mission-driven team stands ready to help small businesses and private nonprofit organizations impacted by the Jackson Water Crisis,” said SBA Administrator Isabella Casillas Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
“Needless to say, safe drinking water is a necessity, and the loss of this essential resource has resulted in devasting economic impacts on the people and businesses of Jackson and surrounding communities,” said Francisco Sanchez, Jr., Associate Administrator, in the Office of Disaster Assistance of the U.S. Small Business Administration. “Those that have suffered economic losses should find comfort that the SBA is now ready to move rapidly to provide federal disaster assistance.”
“For eligible applicants, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster,” said SBA’s Mississippi District Director Janita R. Stewart.
Interest rates for the loans are 3.04 percent for businesses and 1.875 percent for nonprofit organizations, with terms up to thirty years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may use online the online Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s under SBA declaration # 17621, not for the COVID-19 incident.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or emailing DisasterCustomerService@sba.gov. Loan applications may be downloaded at sba.gov/disaster. Completed applications should be returned to the center or mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return economic injury applications is June 14, 2023.