The U.S. Small Business Administration said that homeowners, renters, nonprofit organizations and businesses have one more month to submit disaster loan applications for damage caused by the severe storms and tornadoes on April 4.
The deadline to file an application for physical property damage is June 16, 2008. However, the deadline for economic injury applications is Jan. 16, 2009.
Disaster victims who sustained physical damage in Newton, Rankin, Scott and Warren Counties and the adjacent counties of Claiborne, Clarke, Copiah, Hinds, Issaquena, Jasper, Kemper, Lauderdale, Leake, Madison, Neshoba, Simpson, Smith and Yazoo in the state of Mississippi; and the parishes of East Carroll, Madison and Tensas in the state of Louisiana are eligible to apply.
The SBA offers loans of up to $200,000 to repair disaster-damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture, appliances and clothing.
Loans to businesses of all sizes and nonprofit organizations are available up to $1.5 million to repair damage to real estate, machinery, equipment and inventory. Economic Injury Disaster Loans are also available to small businesses unable to pay bills or meet operating expenses because of the disaster.
Interest rates are as low as 2.750 percent for homeowners and renters and 4.000 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based upon each applicant's financial condition.
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