The U.S. Small Business Administration is reminding eligible Private NonProfit organizations in Mississippi that do not provide critical services of a governmental nature may be eligible to apply for low-interest rate disaster loans. These loans are available following a presidential disaster declaration for Public Assistance resulting from damages caused by severe storms, flooding and tornado on Dec. 27-28, 2018.
PNPs located in Forrest, Perry, Clarke, Covington, Greene, Jasper, Jones, Marion, Newton, and Wayne counties in Mississippi are eligible to apply.
Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, colleges and houses of worship.
PNP organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The interest rate is 2.75 percent with terms up to 30 years. Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
The filing deadline to submit applications for physical property damage is April 15. The deadline to submit economic injury applications is Nov. 14.
