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The U.S. Small Business Administration has approved 39 loans for $1.79 million, said Frank Skaggs, director of SBA Field Operations Center East. "We are pleased to be able to get these loans approved so the residents and businesses of Mississippi can start rebuilding and begin resuming their normal lives."
The deadline for economic injury applications is June 26, 2009. The economic injury loans are available even if a business didn't have physical property damage.
Low-interest loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate and up to $40,000 for personal property.
Businesses and nonprofits can borrow up to $2 million for damaged property and to replace inventory. Lampton said an additional 20 percent loan is available for mitigation to reduce the risk of the same kind of damage in the future.
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SBA disaster loans
For information or a disaster loan application for Hurricane Gustav damage, call the SBA at 1-800-659-8339 weekdays from 7 a.m. to 8 p.m. or weekends from 8 a.m. to 8 p.m.
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