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Small business loans available following Pearl River flood

Photo by News Mississippi

Another disaster request has been approved for small businesses in Mississippi. 

A statewide request was recently approved amid the coronavirus pandemic, but the latest declaration is in response to the February flooding of the Pearl River.

Following the devastating flood event, Governor Tate Reeves sent a letter to the U.S. Small Business Administration (SBA) requesting a Federal Declaration for Public Assistance to make loans available to those impacted. 

The declaration covers Hinds and Madison counties, as well as the following adjacent counties: Attala, Claiborne, Copiah, Holmes, Leake, Rankin, Scott, Simpson, Warren, and Yazoo. Residents and businesses in those counties can apply for low-interest disaster loans from SBA.

“The historic flooding we experienced in February was more than anyone anticipated—and more than anyone should have to recover from alone. The people and businesses in the path of the Pearl River are still recovering from the recent devastation and deserve a helping hand. Working with the U.S. Small Business Administration, I am committed to helping Mississippi businesses and communities get back on their feet and thrive,” said Governor Tate Reeves.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at Disasterloan.sba.gov. Anyone applying through the website can also receive one-on-one assistance by calling the SBA helpdesk and speaking with a customer service representative.

Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov. 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.

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