Gulf of Mexico Oil Spill Blog SBA Economic Injury Disaster Loans

SBA Economic Injury Disaster Loans

SBA Economic Injury Disaster Loans

SBA Assistance Continues for Small Businesses in Mississippi Affected by the Deepwater BP Oil Spill

The U.S. Small Business Administration urges small businesses in Mississippi suffering financial losses due to the Deepwater BP Oil Spill to apply for economic injury disaster loans. “These low-interest disaster loans can be part of their business recovery solution,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

The SBA is offering working capital loans up to $2 million at 4 percent interest with terms up to 30 years. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. Small businesses, small agricultural cooperatives and most non-profit organizations in the following counties: Forrest, George, Greene, Hancock, Harrison, Jackson, Lamar, Marion, Pear River, Perry and Stone in Mississippi and Mobile in Alabama are eligible to apply.

The SBA also encourages businesses to file claims with BP. Borrowers may be required to use claim payments to help repay these disaster loans.

For more information call the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for people with speech or hearing disabilities) Monday through Friday from 8 a.m. until 6 p.m. ET or send an e-mail to disastercustomerservice@sba.gov : mailto:disastercustomerservice@sba.gov .
Business loan applications can be downloaded from the SBA website at www.sba.gov.
Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for SBA economic injury loans is Feb.14, 2011.

For more information about the SBA’s Disaster Loan Programs, visit our website at www.sba.gov

Release Number: 11-146, MS 12173

SBAMichael Lampton, 404-331-0333

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