Small Business Administration offers low-interest loans during COVID-19 crisis

Published 4:15 pm Tuesday, March 24, 2020

The U.S. Small Business Administration is offering low-interest federal loans for working capital to Mississippi small businesses suffering substantial economic injury as a result of the Coronavirus.

The declaration makes SBA assistance available in the entire state of Mississippi and the contiguous counties of Choctaw, Colbert, Franklin, Lamar, Lauderdale, Marion, Mobile, Pickens, Sumter and Washington in Alabama.

Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a result of COVID-19 since Jan. 31 may qualify for loans of up to $2 million. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75 percent for small businesses and 2.75 percent for private non-profits.

Applicants may apply online at disasterloan.sba.gov/ela and can call 1-800-659-2955 or email disastercustomerservice@sba.gov.