Mississippi business group offers loans for flood recovery

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JACKSON, Miss. (AP) – Mississippi’s Small Business Administration is now offering low-interest loans to homeowners, businesses and nonprofit organizations who suffered losses when torrential rain caused flooding last spring.

The National Weather Service estimated some south Mississippi areas received up to 15 inches of rain over days in May 2019. Gov. Phil Bryant wrote to the Small Business Administration last month requesting assistance for eight heavily-impact counties.

This week, the administration approved business disaster loans, economic injury loans for nonprofits and home disaster loans for citizens. Businesses and nonprofits can borrow up to $2 million.

Homeowners and renters can get up to $200,000. All applicants must meet credit and payback requirements.

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