Water Crisis Loans | The sun on the north side
Fewer than 300 businesses that endured the Jackson water crisis that began Aug. 30 received low-interest loans through the US Small Business Administration.
Lesley Hill, public affairs specialist for the SBA, said a total of 269 businesses received economic disaster loans.
The loans are intended to meet working capital needs caused by the disaster, said SBA Mississippi District Director Janita R. Stewart.
Loans are also available to most non-profit organizations of all sizes, small agricultural businesses, small agricultural cooperatives, and small businesses engaged in aquaculture in Hinds County and the adjoining counties of Claiborne, Copiah, Madison, Rankin , Simpson, Warren and Yazoo who suffered economic losses. following the Jackson water crisis.
The total dollar amount of loans approved for small businesses and nonprofits as of Nov. 3 is $158,400, he said. Eighty-five percent of requested loans have been processed, he said.
Loan information by county is not yet available, Hill said.
Companies and associations have until June 14, 2023 to apply for a loan.
Interest rates are 3.04% for businesses and 1.875% for nonprofits, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
Applicants can apply online at https://disasterloanassistance.sba.gov/ela or call (800) 659-2955.