SBA Relief Still Available to Mississippi Businesses, Private Nonprofits, and Residents Affected by Tropical Storm Arthur
WASHINGTON — The U.S. Small Business Administration is reminding eligible businesses, private
nonprofit organizations, homeowners, and renters in Mississippi of the Oct. 3 deadline to apply for
low-interest federal disaster loans to offset physical damage caused by Tropical Storm Arthur
occurring June 18 – 20.
The declaration covers the primary Mississippi counties of Hancock, Harrison, Pearl River, and
Stone which are eligible for both physical damage loans and Economic Injury Disaster Loans from
SBA. Small businesses and most private nonprofit organizations in the following adjacent
counties are eligible to apply only for SBA Economic Injury Disaster Loans: Mississippi counties of
Forrest, George, Jackson, Lamar, Marion, and Perry, as well as the Louisiana parishes of St.
Bernard, St. Tammany, and Washington.
Businesses and private nonprofits are eligible to apply for business physical disaster loans and
may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate,
machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may
borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and
appliances. Homeowners may apply for up to $500,000 to replace or repair their primary
residence.
Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as
verified by SBA, for mitigation purposes. Eligible mitigation improvements include strengthening
structures to protect against high wind damage, upgrading to wind rated garage doors, and
installing a safe room or storm shelter to help protect property and occupants from future
damage.
“One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades
reducing the risk of future storm damage,” said Chris Stallings, Associate Administrator of the
Office of Disaster Recovery and Resilience at SBA. “I encourage businesses and homeowners to
work with contractors and mitigation professionals to improve their storm readiness while taking
advantage of SBA’s mitigation loans.”
Interest rates are as low as 4% for businesses, 3.625% for nonprofits, and 2.875% for homeowners
and renters, with terms of up to 30 years. Interest does not begin to accrue, and payments are not
due, until 12 months from the date of the first loan disbursement. SBA determines eligibility and
sets loan amounts and terms based on each applicant’s financial condition.
To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at
(800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster
assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1
to access telecommunications relay services.
The filing deadline to return applications for physical property damage is Oct. 3. The deadline to
return economic injury applications is May 3, 2027. However, after the deadline has passed, there
is a 60-day grace period in which SBA will accept applications.
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