Mississippi disaster loan program opens for businesses and residents after severe May storms

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Mississippi disaster loan program

Highlights

U.S. Small Business Administration opened disaster loans for Mississippi counties impacted by May storms, covering up to $2 million for businesses and $500,000 for homeowners.
Interest rates start at 4% for businesses, 3.625% for nonprofits, and 2.875% for homeowners/renters, with no payments or accruing interest until 12 months post-disbursement and terms up to 30 years.
Deadline for physical property damage applications is Aug. 31, and for economic injury applications is March 30, 2027, with Business Recovery Center aid available starting July 10.

Loan terms and county coverage

As reported by U.S. Small Business Administration, the disaster declaration covers the Mississippi counties of Franklin, Lamar, Lawrence, Lincoln, and Wilkinson for both physical damage loans and Economic Injury Disaster Loans, or EIDLs.

Small businesses and most private nonprofit organizations in adjacent Mississippi counties, Adams, Amite, Copiah, Covington, Forrest, Jefferson, Jefferson Davis, Marion, Pearl River, Pike, Simpson, and Walthall, can apply only for EIDL assistance. Eligible entities in the Louisiana parishes of Concordia, East Feliciana, and West Feliciana also qualify for EIDLs.

Businesses and nonprofits can borrow up to $2 million to repair or replace damaged real estate, equipment, inventory, and other assets. Homeowners can apply for up to $500,000 to repair or replace a primary residence, while homeowners and renters can seek up to $100,000 for personal property including furniture, clothing, vehicles, and appliances.

Applicants may also qualify for a loan increase of up to 20% of verified physical damage for mitigation work. Eligible improvements include stronger structural protection against high winds, wind-rated garage doors, and safe rooms or storm shelters.

Recovery support and application deadlines

The SBA says its EIDL program is also available to eligible small businesses, small agricultural cooperatives, and private nonprofits, including faith-based organizations, that suffer financial losses tied directly to the disaster. Those loans support working capital needs even when there is no physical property damage, and can be used for payroll, fixed debts, accounts payable, and other unpaid bills.

The agency says it does not provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises. Interest rates start at 4% for businesses, 3.625% for private 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 after the first loan disbursement.

Customer service representatives are available as of Friday, July 10, at the Business Recovery Center in Lincoln County to answer questions and help complete applications. The deadline to return physical property damage applications is Aug. 31, while economic injury applications are due by March 30, 2027.

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