SBA disaster loans available to storm victims
DeSoto County residents, businesses, and organizations affected by tornadoes and severe storms on March 31 and April 1, will be eligible to apply for low‑interest federal disaster loans from the U.S. Small Business Administration starting April 28, according to information from DeSoto County Government. The loan availability comes as a result of Gov. Tate Reeves’ State of Emergency declaration that allows for state and federal aid.
“We were hoping for FEMA assistance to help with the tornado damage area, but MEMA inspectors say the amount of damage did not meet the minimum FEMA threshold required for the Individual Assistance program,” said DeSoto County EMA Director Chris Olson.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property, including personal vehicles. Interest rates can be as low as 2.375 percent for homeowners and renters with terms up to 30 years.
“Dozens of families received significant damage to their homes and property,” said County Supervisor Lee Caldwell. “The SBA has committed to providing the federal disaster loans swiftly so our communities can recover and rebuild.”
HOW TO APPLY: The SBA will set up at the Eudora Fire Station on West Commence starting this Friday, April 28 at 11 a.m. They will be taking applications through May 11. Hours will be Monday-Friday 8 a.m.-6 p.m. and Saturdays 10 a.m.-2 p.m.
Applicants may also apply online, receive additional disaster assistance information, and download applications at https://disasterloanassistance.sba.gov. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
About 50 buildings received some level of damage in DeSoto County. There was also damage reported in Marshall, Tate, and Tunica Counties; along with Crittenden County and Shelby County. Storm victims in all six counties are eligible to apply for a SBA loan.
