SBA Offers Disaster Loans to Mississippi Following Winter Storm
The U.S. Small Business Administration announced the availability of low-interest disaster loans for Mississippi residents, businesses, and nonprofits impacted by a severe winter storm that occurred from Jan. 23 to 27.
The federal disaster declaration covers primary 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, Yazoo, and the Mississippi Band of Choctaw Indians. These areas are eligible for both physical damage loans and economic injury disaster loans, according to the SBA.
Adjacent counties in Mississippi, Alabama, Arkansas, Louisiana, and Tennessee are eligible only for SBA economic injury disaster loans. These include counties such as Chickasaw, Choctaw, Copiah, Franklin, Hinds, Itawamba, Leake, Lincoln, Madison, Monroe, Neshoba, Webster, Wilkinson, Winston in Mississippi; Colbert, Franklin, Lauderdale in Alabama; Chicot, Crittenden, Desha, Lee, Phillips in Arkansas; Concordia, East Carroll, Madison, Tensas in Louisiana; and Fayette, Hardeman, McNairy, Shelby in Tennessee.
Businesses and nonprofits can apply for physical disaster loans up to $2 million to repair or replace damaged real estate, machinery, inventory, and other assets. Homeowners and renters may borrow up to $100,000 to repair or replace personal property, such as furniture and appliances. Homeowners can apply for up to $500,000 to repair or replace their primary residence.
Applicants may also be eligible for a loan increase of up to 20% of their physical damages for mitigation efforts, such as strengthening structures against high winds or installing storm shelters. Interest rates start at 2.875% for homeowners and renters, 3.625% for private nonprofits, and 4% for small businesses, with repayment terms up to 30 years. Interest does not accrue, and payments are deferred for 12 months from disbursement.
Chris Stallings, associate administrator of the SBA’s Office of Disaster Recovery and Resilience, stated that the agency provides financial assistance to help communities recover through presidential declarations. Survivors are encouraged to apply for both FEMA grants and SBA loans to support full recovery. FEMA grants cover serious needs not met by insurance or other sources.
Applications can be submitted online at sba.gov/disaster, or by calling the SBA Customer Service Center at (800) 659-2955. The deadline for physical damage applications is June 10, 2026, while economic injury applications are due by Jan. 11, 2027. Telecommunications relay services are available for those with disabilities.
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