SBA briefs Bolivar council on disaster-loan deadlines and eligibility after 'Fern' storms

Patrick Gant, a public affairs specialist with the U.S. Small Business Administration’s Disaster Recovery and Resilience office, told the Bolivar City Council that Hardeman County was included in the federal disaster declaration for the January 22–27, 2026 winter storms known as "Fern." Gant urged residents, business owners and nonprofits to look into SBA disaster loans even if they are unsure whether they qualify.

Gant described program limits and application windows: homeowners may apply for physical damage loans up to $500,000 for repair or replacement of real estate and up to $100,000 for personal property; businesses and private nonprofits may be eligible for physical disaster loans and economic injury disaster loans up to $2,000,000 depending on verified losses. "The deadline to apply for physical damage assistance is 06/10/2026," Gant said, and he added the deadline for economic injury disaster assistance is 01/11/2027.

Gant explained the SBA’s rate structure and eligibility categories: applicants who do not have credit available elsewhere may receive lower rates (examples cited in the briefing included as low as 2.875% for home loans and roughly 4% for business loans), while those with credit available elsewhere face higher rates. He said the SBA is working with FEMA and operating a disaster-recovery center in Memphis at the Benjamin L. Hooks Public Library for in-person assistance, and provided the SBA customer-service number for local callers.

Council members asked procedural questions; Gant emphasized that even insured households should check eligibility and that the SBA can help determine whether an applicant qualifies. He asked the council to help spread the word about available assistance and application options.