U.S. Small Business Administration has opened disaster loan outreach center to assist Jones County residents to overcome Nov 16th storms and tornadoes. The SBA administrator made loans available after being requested by Gov. Haley Barbour on Nov. 18. Barbour announced that the agency issued disaster loans for Jones, Covington, Forrest, Jasper, Perry, Smith and Wayne which were affected by tornadoes.
It is the first priority of SBA to help Mississippi residents with the most effective response. This is going to help homeowners, businesses and renters to find federal assistance in the form of disaster loans. SBA will do everything possible to help businesses recover and communities stand up after a disaster strikes. The SBA disaster loan rates vary as 2.063 percent for homeowners, 3 percent for non-profits and 4 percent for businesses. These are extremely low rates.
As far as the loan amount of SBA goes, homeowners are eligible to find $200,000 for repairing damaged real estate. The same homeowners can get up-to $40,000 to replace destroyed personal property. Also the SBA can increase loans up-to 20 percent for helping property owners make improvements so as to lessen the risk of property damage due to future disasters.
Economic Injury Disaster Loans (EIDLs) is there to help meet working capital needs for small aqua-culture businesses, non-profit organizations and small agricultural co-operatives. This form of assistance is available even if businesses do not suffer physical damages.
SBA’s representatives will be present at ‘Disaster Loan Outreach Center’ for answering to people’s queries. Jones County loan center of SBA will operate from the Emergency Operations Center at 22 Mason Street near downtown laurel. This center will remain open from 5 to 8 Dec.
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 firstname.lastname@example.org