The US small business administration has reminded homeowners, renters and businesses who have received low-interest disaster loan applications for damages caused due to disasters to return the application forms by 11th July. The SBA approved above $ 5million in Disaster Assistance loans for residents of Mississippi and other business owners affected by flooding.
Frank Skaggs, director of SBA Field Operations says, “Currently, we have approved $5,190,800 for individuals and businesses in Mississippi.” On getting the loans approved, people of Mississippi can start rebuilding and resume back to their normal lives.
Disaster loans of up to $200,000 for primary residents, $40,000 for personal property and $2 million for businesses and non-profits are extended by the SBA to small businesses. Interest rates for the loans are kept 2.688 percent for homeowners and renters, just 4 percent for businesses and 3 percent for non-profits.
The disaster declared country survivors are asked to register with FEMA. The recipients of SBA applications are encouraged to return the applications even if they do not wish to find a loan. Incases, where the SBA is unable to approve home loans, the applicants are referred to FEMA for possible grants.
Also as protective measure, there is provision for increasing loans to overcome future damages. Small businesses and private nonprofit organizations can thus find loans for meeting the unmet working capital needs. On obtaining Disaster loan information and application forms, disaster victims need to fill in application forms and return them by July 11, 2011.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to