SBA outlines disaster loan options and deadlines for Claiborne County residents and businesses
May 04, 2026 | Claiborne County, Mississippi
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Monica Mound, a public assistance specialist with the U.S. Small Business Administration, told the Claiborne County Board of Supervisors on May 4 that county residents and businesses affected by the January storm can apply for SBA disaster loans.
Mound said homeowners with physical damage to their primary residence may be eligible for loans up to $500,000 with interest rates as low as 2.875 percent, and renters or homeowners with personal-property loss may apply for up to $100,000. Businesses and most nonprofit organizations can seek loans up to $2,000,000; Mound said interest rates for businesses start as low as 4 percent and nonprofits at about 3.625 percent. She said the first payment on approved loans is not due for one year.
Why it matters: Many local households and small businesses are still recovering from the January disaster. Federal disaster loans can provide long-term financing to repair property, replace inventory and support payroll while other assistance is pursued.
Mound described application logistics: individuals can apply online at lending.sba.gov/disaster or in person at temporary SBA locations that will be announced through the county emergency manager; applicants should bring identification, Social Security numbers, business EINs for firms, proof of ownership (deed or lease) if available, and financial records. She also noted that borrowers do not need to wait for an insurance settlement before applying and, if insurance later pays, the SBA can be repaid from those proceeds.
Critical deadlines Mound provided: the deadline for physical-damage loans is June 10, 2026; the Economic Injury Disaster Loan (EIDL) program application window for businesses and qualifying nonprofits remains open through Jan. 11, 2027. She said SBA staff will leave flyers with county officials and that a temporary in-person location will be arranged at the emergency manager's office for those seeking help completing applications.
The board did not take a vote on new policy at the meeting; the presentation served as outreach to encourage local awareness of federal loan options.
Mound said homeowners with physical damage to their primary residence may be eligible for loans up to $500,000 with interest rates as low as 2.875 percent, and renters or homeowners with personal-property loss may apply for up to $100,000. Businesses and most nonprofit organizations can seek loans up to $2,000,000; Mound said interest rates for businesses start as low as 4 percent and nonprofits at about 3.625 percent. She said the first payment on approved loans is not due for one year.
Why it matters: Many local households and small businesses are still recovering from the January disaster. Federal disaster loans can provide long-term financing to repair property, replace inventory and support payroll while other assistance is pursued.
Mound described application logistics: individuals can apply online at lending.sba.gov/disaster or in person at temporary SBA locations that will be announced through the county emergency manager; applicants should bring identification, Social Security numbers, business EINs for firms, proof of ownership (deed or lease) if available, and financial records. She also noted that borrowers do not need to wait for an insurance settlement before applying and, if insurance later pays, the SBA can be repaid from those proceeds.
Critical deadlines Mound provided: the deadline for physical-damage loans is June 10, 2026; the Economic Injury Disaster Loan (EIDL) program application window for businesses and qualifying nonprofits remains open through Jan. 11, 2027. She said SBA staff will leave flyers with county officials and that a temporary in-person location will be arranged at the emergency manager's office for those seeking help completing applications.
The board did not take a vote on new policy at the meeting; the presentation served as outreach to encourage local awareness of federal loan options.
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