Mississippi business group offers loans for flood recovery

Mississippi business group offers loans for flood recovery
(Source: WLBT)

JACKSON, Miss. (AP) — Mississippi’s Small Business Administration is now offering low-interest loans to homeowners, businesses and nonprofit organizations who suffered losses when torrential rain caused widespread flooding last spring.

The National Weather Service estimated some south Mississippi areas received up to 15 inches of rain in a span of days in May 2019, washing out train tracks, flooding rivers and prompting water rescues, news outlets reported.

To help in the recovery, Gov. Phil Bryant wrote to the administration last month requesting assistance for eight heavily-impact counties, The Biloxi Sun-Herald reported on Wednesday. The Small Business Administration approved business disaster loans, economic injury loans for nonprofits and home disaster loans for citizens this week.

Businesses and nonprofits can borrow up to $2 million for repair or replacement costs, the agency’s district director Janita R. Stewart said. Homeowners and renters can get loans between $40,000 and $200,000, field center director Kem Fleming said. The loans also can be used to prevent future damage, as well as to support relocation.

Applicants must have an acceptable credit history and demonstrate ability to repay loans. Collateral is required for loans over $25,000. The deadline for physical property damage loans is Jan. 21, and the deadline for economic injury applications is Aug. 19, 2020.