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Disaster Loans Available

WASHINGTON, Feb 08, 2008 /PRNewswire-USNewswire via COMTEX/ — The U.S. Small Business Administration will make low-interest disaster recovery loans available to Mississippi residents and businesses affected by the severe storms and tornadoes on February 6, 2008, SBA Administrator Steve Preston announced today.

Administrator Preston took this action following a February 6 letter from Mississippi Governor Haley Barbour requesting a disaster declaration by the Small Business Administration. The declaration covers Alcorn and Lafayette and the adjacent counties of Calhoun, Marshall, Panola, Pontotoc, Prentiss, Tate, Tippah, Tishomingo, Union and Yalobusha in the State of Mississippi; and contiguous counties of Hardeman, Hardin and McNairy in the State of Tennessee.

“We look forward to working with residents of Mississippi who were affected by the severe storms and tornadoes to help them rebuild their lives, homes and businesses,” said Administrator Preston.

Frank Skaggs, Director of Field Operations Center East said, “Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. The SBA’s Customer Service Representatives will be on hand at the Disaster Loan Outreach Center to issue loan applications, answer questions about the SBA’s disaster loan program, explain the application process and help individuals complete their application.”

The Center will be located in Lafayette County

North Oxford Baptist Church – FAMILY LIFE CENTER

304 County Road 101

(2 miles north of the square on Old Highway 7)

Oxford, MS 38655

Opens: Monday, Feb. 11; 8 a.m. to 5 p.m.

Open: Monday – Friday; 8 a.m. to 5 p.m.

Saturday, Feb. 16, 8:00 a.m. to 5:00 p.m.

(One Saturday only)

Janita Stewart, SBA’s Mississippi District Director stresses, “Low-interest federal disaster loans are available to renters, homeowners, businesses of all sizes and private, non-profit organizations whose property was damaged or destroyed by the severe storms and tornadoes.”

Businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. The SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses only, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loans assistance is available regardless of whether the business suffered any physical property damage.

Individuals and businesses unable to visit the Center(s) in person may obtain information and loan applications by calling tollfree (800) 659-2955. Hearing impaired individuals may call (800) 8778339.

The filing deadline to return applications for physical property damage is April 8, 2008. The deadline to return economic injury applications is November 10, 2008.

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

SOURCE U.S. Small Business Administration

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