SBA disaster loans open to Lafayette County homeowners, renters and nonprofits

Homeowners, renters, churches, food banks and other nonprofits in Lafayette County can now apply for federal disaster loans to cover unpaid storm losses after Winter Storm Fern and the January ice storm. Julie Garrett with the U.S. Small Business Administration said the money is meant to bridge the gap after insurance settlements, savings and credit cards have already been used on urgent repairs.

The loans can pay for more than roof damage. Garrett said eligible costs include tree removal, debris cleanup and temporary fixes, the kinds of out-of-pocket bills that have kept many families from fully moving on months after the storm. Homeowners and renters in primary counties can borrow up to $100,000 for personal property, homeowners can borrow up to $500,000 to repair or replace a primary residence, and businesses and nonprofits can borrow up to $2 million for physical damage. Businesses also can seek Economic Injury Disaster Loans for working capital needs such as fixed debts, payroll, accounts payable and other bills tied to the disaster.

The terms are designed to keep cash flow from getting even tighter. Physical disaster loans can carry interest rates as low as 2.85 percent for homeowners, 4 percent for businesses and 3.625 percent for nonprofits. Borrowers do not have to make payments during the first year, and interest does not accrue during that deferral period. Eligible borrowers may also qualify for mitigation loan increases of up to 20 percent of verified physical damages for improvements such as storm shelters, wind-rated garage doors and stronger structures.

The need in Lafayette County is still visible. By the time local recovery centers had been open for help, 68 households had already visited. State officials reported one storm-related death in Lafayette County as Mississippi’s death toll reached 14 on January 29. They also counted 223 homes, 10 businesses and seven farms damaged, destroyed or affected statewide, along with 20 public roads with major damage, 50 with minor damage and 12 destroyed.

The aid followed a storm that hit Mississippi from January 23 to January 27. Gov. Tate Reeves requested an expedited major disaster declaration on February 3, President Donald J. Trump declared it on February 6, and FEMA said individual assistance covered 36 counties and the Mississippi Band of Choctaw Indians. Lafayette County was included for individual assistance and emergency protective measures.

Help is available in Oxford. The SBA opened a Business Recovery Center on April 27 at the Lafayette County Drug Court Building, 101 Veterans Drive, with hours Monday through Friday from 9 a.m. to 6 p.m. and Saturdays from 10 a.m. to 2 p.m. Walk-ins are welcome, and appointments can be scheduled online. FEMA and SBA specialists also have been helping residents at the Disaster Recovery Center, and additional in-person help sites include the Lafayette County Multi-Purpose Arena and the former driver’s license office on Highway 7 in Oxford. Garrett warned residents to watch for scams, saying legitimate SBA representatives never charge a fee and should have official identification and a .gov email address.

What to do today: go to one of the Oxford help sites, ask about physical disaster loans, EIDLs and mitigation funding, and use the first-year payment deferral to get repairs moving without adding more pressure to already stretched household and business budgets.