View this article online: https://www.insurancejournal.com/news/southeast/2016/07/18/420345.htm
People whose south Mississippi homes or businesses flooded in late April or early May have until Aug. 8 to apply for Small Business Administration disaster loans.
The low-interest loans are available in Harrison, Hancock, Jackson, Pearl River and Stone counties, to help recovery from torrential rains and flash flooding April 28 through May 2, the agency said in a news release.
Loans of up to $2 million are available for businesses and nonprofit organizations, the agency said.
Homeowners can get loans of up to $200,000 to repair or replace real estate. Both homeowners and renters can apply for up to $40,000 in loans to repair or replace personal property.
Interest rates are as low as 4 percent for businesses, 2.625 percent for nonprofits and 1.625 percent for homeowners and renters, with terms up to 30 years.
Loan amounts can be increased up to 20 percent of physical damages for mitigation improvements such as a safe room or storm shelter.
Applicants may apply online at https://disasterloan.sba.gov/ela .
Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Aug. 8. The deadline to return economic injury applications is March 7, 2017.