Residents, businesses, and nonprofit organizations in several central Mississippi counties have less than a month remaining to apply for federal disaster loans related to damages caused by Winter Storm Fern.
The U.S. Small Business Administration (SBA) is reminding eligible applicants that June 10 is the deadline to apply for low-interest disaster loans for physical damage resulting from the severe winter storm that impacted Mississippi Jan. 23-27, 2025.
Among the local counties eligible for both physical damage loans and Economic Injury Disaster Loans (EIDL) are Attala, Carroll, Holmes, and Montgomery counties.
In neighboring Choctaw, Leake, and Winston counties, small businesses and most private nonprofit organizations may qualify for Economic Injury Disaster Loans, which are designed to help organizations meet financial obligations and operating expenses that could have been paid had the disaster not occurred.
Businesses and nonprofit organizations in eligible counties may borrow up to $2 million to repair or replace storm-damaged real estate, equipment, inventory, and other assets.
Homeowners may qualify for loans of up to $500,000 to repair or replace their primary residence, while homeowners and renters may borrow up to $100,000 to repair or replace personal property such as furniture, appliances, clothing, and vehicles.
Applicants may also be eligible for additional funding to make mitigation improvements that reduce the risk of future storm damage. Eligible upgrades can include storm shelters, safe rooms, wind-resistant garage doors, and other improvements designed to strengthen structures against severe weather.
Interest rates are as low as 4 percent for small businesses, 3.625 percent for private nonprofit organizations, and 2.875 percent for homeowners and renters. Loan terms can extend up to 30 years, and no payments or interest accrual begin until 12 months after the first loan disbursement.
Officials are encouraging storm survivors to apply for both FEMA assistance and SBA disaster loans, noting that the programs can work together to help residents and businesses recover from disaster-related losses.
The deadline to apply for physical damage loans is June 10, 2026. The deadline to apply for Economic Injury Disaster Loans is Jan. 11, 2027.
Applications can be submitted online at SBA.gov/disaster.
