WASHINGTON – The U.S. Small Business Administration (SBA) announced that low interest
federal disaster loans are now available to Mississippi businesses, nonprofit organizations, and
residents who sustained physical damages and economic losses from the severe storms and
tornadoes that occurred Dec. 28 – 29, 2024. The SBA issued a disaster declaration in response to a
request received from Gov. Tate Reeves on Jan. 24.
The disaster declaration covers the counties of Choctaw, Clarke, Clay, Greene, Jasper, Jones,
Lowndes, Noxubee Oktibbeha, Perry, Wayne and Webster, as well as the counties of Choctaw and
Washington in Alabama.
Businesses and nonprofits are eligible to apply for business physical disaster loans and may
borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery
and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may
borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and
appliances. Homeowners may apply for up to $500,000 to replace or repair their primary
residence.
Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified
by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening
structures to protect against high wind damage, upgrading to wind rated garage doors, and
installing a safe room or storm shelter to help protect property and occupants from future
damage.
“SBA disaster loans do more than repair damage, — they may also mitigate against future
disasters,” said Randle Logan, acting associate administrator for the SBA’s Office of Disaster
Recovery and Resilience. “Expanded funding is available to make pro-active property and building
upgrades that protect homes and businesses from future storms.”
The SBA also offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs,
such as ongoing operating expenses for small businesses and private nonprofit (PNP)
organizations. EIDL assistance is available regardless of whether the organization suffered any
physical property damage.
Interest rates are as low as 4% for businesses, 3.625% for nonprofits, and 2.563% for homeowners
and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not
due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and
terms, based on each applicant’s financial condition.
Beginning Thursday, Jan. 30, SBA customer service representatives will be on hand at two
Disaster Loan Outreach Centers (DLOC) to answer questions about SBA’s disaster loan program,
explain the application process and help individuals complete their application.
At the DLOCs, individuals can connect directly with SBA specialists to apply for disaster loans and
learn about the full range of programs available to rebuild and move forward in their recovery
journey. Walk-ins are accepted, but you can schedule an in-person appointment in advance at
appointment.sba.gov. The DLOCs hour of operations are listed below.
- Disaster Loan Outreach Center
Oktibbeha County
Oktibbeha County Community Safe Room
985 Lynn Lane
Starkville, MS 39759
Opening: Thursday, Jan. 30, 2025, at 11 a.m.
Hours: Monday – Friday, 9 a.m. to 6 p.m.
Saturday, 10 a.m. to 2 p.m.
Closed: Sunday
Permanently Closes: Thursday, Feb. 13, 2025,
at 4 p.m. - Disaster Loan Outreach Center
Wayne County
City 2 Voting Precinct
500 Mississippi Drive
Waynesboro, MS 39367
Opening: Thursday, Jan. 30, 2025, at 11 a.m.
Hours: Monday – Friday, 9 a.m. to 6 p.m.
Saturday, 10 a.m. to 2 p.m.
Closed: Sunday
Permanently Closes: Thursday, Feb. 13, 2025,
at 4 p.m.
The SBA encourages applicants to submit their loan applications promptly. Applications will be
prioritized in the order they are received, and the SBA remains committed to processing them as
efficiently as possible.
For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA’s
Customer Service Center at (800) 659-2955 or email [email protected] for
information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a
speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is March 28, 2025. The
deadline to return economic injury applications is Oct. 27, 2025.