The U.S. Small Business Administration has opened an office in Jackson, Mississippi, for organizations in Hinds County and seven neighboring counties for disaster loans to address the impact of the capital’s water crisis. Other counties that can apply with the office include Claiborne, Copia, Madison, Rankin, Simpson, Warren, and Yazoo counties.
The SBA Business Recovery Center in the Chamber of Commerce Building will be open Monday through Friday from 9 a.m. to 6 p.m. and Saturday from 10 a.m. to 2 p.m. at 201 S. President St., Jackson. It will stop operating at 2pm on Saturday October 1, 2022, although businesses will still be able to apply for loans online until June 14, 2023.
Applicants can also apply online using the electronic loan application via the SBA secure website at the address DisasterLoanAssistance.sba.gov/ela/s And it must apply under SBA Proclamation 17621, not to the COVID-19 incident,” a September 15, 2022 press release said. The terms of the loan include having an “acceptable” credit history and the ability to repay the loan.
SBA’s Mississippi District Manager Janita R Stewart said in a press release that the SBA offers Economic Injury Disaster Loans, or EIDL, to qualified applicants “to help meet the working capital needs caused by the disaster.” The press release said Mississippi-based small businesses, small agricultural cooperatives, small aquaculture companies, and private nonprofit organizations are eligible.
The last water crisis in Jackson began on July 29, 2022, when the City of Jackson posted a boiling water notice. This was followed by a drop in water pressure at the city level. Business I felt the effects Crisis by increasing operating expenses A decrease in the number of clients. On September 15, 2022, Reeves announced the removal of the boiling water notice after reform efforts undergone by state and federal agencies.
U.S. Small Business Administration Administrator Isabella Casillas Guzman said in the September 15, 2022 press release that “the mission-based SBA team is ready to assist small businesses and private nonprofit organizations in Hinds County affected by the Jackson Water crisis.”
“We are committed to providing federal disaster loans quickly and efficiently, with a customer-centric approach to helping businesses and communities recover and rebuild,” she added.
In a statement issued on September 14, 2022, requesting the SBA’s announcement to make disaster loans available, Governor Tate Reeves said the low-interest loans would help businesses bounce back from the recent severe crisis.
“Many businesses within Hinds County, including the city of Jackson, have suffered economic losses due to total or near-total loss of water pressure following the Pearl River Flood in late August 2022. With little or no running water across the city, businesses cannot Serve, clean, cool or sterilize, forcing them to either take losses or pause.
In Saturday’s press release, Director of the Office of Disaster Assistance Francisco Sanchez Jr. said that “those who have experienced economic losses should take comfort that the Small Business Administration is now ready to move quickly to provide federal disaster assistance.”
The terms of the loan include an interest rate of 3.04% for businesses and 1.875% for nonprofits, with terms up to 30 years. The Small Business Administration added that “the loan amounts and terms are determined by the Small Business Administration and are based on the financial position of each applicant.”
SBA Loans for Economic Catastrophe It could provide Jackson’s companies up to $2 million to “help meet financial obligations and operating expenses that would have been met had the disaster not occurred,” the agency’s website says. The Small Business Administration said it could waive that limit if “the company is a major source of employment.” The amount of the loan depends on the “actual economic damage” and the financial needs of the company.
The organization provides options for the deaf and hard of hearing to call 800-877-2955 for assistance. Others should call the SBA Customer Service Center at 800-659-2955. Loan applications can be downloaded from sba.gov/disasterCompleted applications must be returned to the Center or mailed to the following address:
US Small Business Administration and Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, Texas 76155
See the Mississippi Free Press Full coverage of the Jackson water crisisStarting in March 2021.