Mississippi Storms Trigger SBA Low-Interest Disaster Loans
Published Date: 1/31/2025
Notice
Summary
Mississippi got hit by severe storms and tornadoes from December 28-29, 2024, and now the government is stepping in with disaster loans to help folks and businesses recover. If you live in Oktibbeha, Wayne, or nearby counties, you can apply for physical damage loans by March 28, 2025, and economic injury loans by October 27, 2025. These loans come with low-interest rates to make bouncing back easier and faster!
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Low‑Interest Physical Home Repair Loans
If you live in the named affected counties (primary: Oktibbeha, Wayne; plus listed contiguous counties), you can apply for SBA physical damage loans for home repairs. The physical loan application deadline is March 28, 2025, and interest rates listed include 5.125% for homeowners with credit available elsewhere and 2.563% for homeowners without credit available elsewhere.
Physical Damage Loans for Small Businesses
If your small business or nonprofit in the named affected counties suffered physical damage from the December 28–29, 2024 storms, you can apply for SBA physical damage loans by March 28, 2025. Interest rates listed include 8.000% for businesses with credit available elsewhere, 4.000% for businesses without credit available elsewhere, and 3.625% for nonprofits.
EIDL Economic Injury Loans for AL and MS Businesses
Businesses and small agricultural cooperatives in Alabama and Mississippi may apply for Economic Injury Disaster Loans (EIDL) for economic loss caused by the December 28–29, 2024 disaster. The EIDL application deadline is October 27, 2025, and interest rates listed include 4.000% for businesses and small agricultural cooperatives without credit available elsewhere and 3.625% for nonprofits without credit available elsewhere.
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Key Dates
Department and Agencies
Related Federal Register Documents
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