SBA Offers Disaster Loans to Mississippi Residents and Businesses after Winter Storm

The U.S. Small Business Administration announced the availability of low-interest disaster loans for Mississippi residents, businesses, and private nonprofits affected by a severe winter storm that occurred Jan. 23-27, according to a release from the Disaster Field Operations Center.

The presidential disaster declaration, issued April 10, covers 34 counties in Mississippi, including Adams, Alcorn, Attala, Benton, Bolivar, Calhoun, Carroll, Claiborne, Coahoma, Desoto, Grenada, Holmes, Humphreys, Issaquena, Jefferson, Lafayette, Lee, Leflore, Marshall, Montgomery, Panola, Pontotoc, Prentiss, Quitman, Sharkey, Sunflower, Tallahatchie, Tate, Tippah, Tishomingo, Tunica, Union, Warren, Washington, Yalobusha, and Yazoo. The Mississippi Band of Choctaw Indians is also eligible.

Eligible applicants include residents, businesses, and nonprofits in the affected counties. Businesses and most nonprofits can borrow up to $2 million for repairs to real estate, machinery, equipment, inventory, and other assets. Homeowners and renters may borrow up to $100,000 to repair or replace personal property, while homeowners can apply for up to $500,000 to repair or replace their primary residence.

Applicants may also qualify for a loan increase of up to 20% of their verified physical damages for mitigation efforts, such as strengthening structures or installing storm shelters. Interest rates start as low as 2.875% for homeowners and renters, 3.625% for nonprofits, and 4% for small businesses, with terms up to 30 years. Payments are deferred for 12 months from the first disbursement date.

Applicants are encouraged to apply online at sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955. The deadline to apply for physical damage loans is June 10, and for economic injury loans is Jan. 11, 2027, according to the SBA.

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