SBA Offers Disaster Loans for Mississippi Storm Damage
The U.S. Small Business Administration is offering disaster loans to individuals and businesses affected by the severe winter storm that struck Mississippi in late January 2026, according to a federal fact sheet issued April 10, 2026.
The storm prompted the declaration of disaster areas across multiple counties in Mississippi, with additional counties in Alabama, Arkansas, Louisiana, and Tennessee designated for economic injury assistance only, as detailed by the SBA. The deadline to apply for physical damage loans is June 10, 2026.
Eligible applicants include small businesses, private non-profit organizations, homeowners, and renters seeking funds to repair or replace damaged property. Business loans can reach up to $2 million for physical damage, while economic injury loans are capped at the same amount for qualifying businesses and cooperatives.
Interest rates vary depending on whether applicants have access to credit elsewhere. For physical damage loans, rates are 2.875% for homeowners and 4% for businesses without credit elsewhere. Loans with credit available elsewhere carry higher rates, up to 8% for businesses. Loan terms can extend up to 30 years, but businesses with credit elsewhere are limited to seven-year terms.
Applicants must demonstrate acceptable credit history and repayment ability. Additional aid may be available for mitigation improvements, such as seawalls or sump pumps, up to 20% of the physical damage amount, with a maximum of $500,000 for home loans. Refinancing of existing mortgages and relocation assistance are also possible under certain conditions. All applicants are advised to maintain proper insurance, including flood coverage if applicable.
Disaster loan applications can be submitted online through the SBA’s MySBA Loan Portal or by contacting the SBA Disaster Customer Service Center at disastercustomerservice@sba.gov or 1-800-659-2955. Telecommunications relay services are available for those with hearing or speech disabilities.
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