The U.S. Small Business Administration will open a Disaster Loan Outreach Center Wednesday at the Velma Young Community Center, at 2400 16th Ave., for residents affected by the April 14 tornado.

Businesses and residents in need of help covering uninsured losses can apply for low-interest disaster loans through the SBA in person from May 30 until June 6, according to an SBA press release. 

“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” SBA’s Mississippi District Director Janita R. Stewart, said in the release.

Economic Injury Disaster Loans are available to businesses regardless of physical property damage.

“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” Richard Morgan, acting center director of SBA’s Field Operations Center East in Atlanta, said in the release.

Interest rates for businesses can be as low as 3.58 percent, 2.5 percent for nonprofits and 1.813 percent for homeowners or renters with terms up to 30 years, depending on the applicant, according to the SBA.

Residents from Lauderdale County and the adjacent counties of Clarke, Jasper, Kemper, Neshoba as well as Alabama counties Choctaw and Sumter are encouraged to apply, according to the SBA.

Customer service representatives will be at the center to answer questions about the program and help residents complete their applications. 

The center will open at 9 a.m. Wednesday and close at 6 p.m., per normal weekday hours. The center will also be open Saturday, June 2 from 10 a.m. to 2 p.m. and closed on Sunday, June 3.

Representatives will again be available the following Monday, June 4, between 9 a.m. and 6 p.m. until Wednesday, June 6 when the center will close for the last time at 6 p.m.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s website at DisasterLoan.sba.gov, by calling SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing) or by emailing disastercustomerservice@sba.gov.

The deadline for physical property damage is July 23 while the deadline for economic injury will be Feb. 22, 2019.