SBA outlines disaster-loan help for businesses, offers local workshop after March storms

Anna Nunez, a public affairs specialist with the U.S. Small Business Administration's Office of Disaster Recovery and Resilience, told the Tupelo City Council that low-interest disaster loans are available to businesses, homeowners and renters affected by storms and flooding in March. Nut graf: The SBA representative said a presidential disaster declaration issued May 21 covers the affected area and that Lee County — which includes the city of Tupelo — was named a contiguous county eligible for Economic Injury Disaster Loans; she urged the city to share program information and described plans for local application assistance. Nunez said the SBA program covers uninsured or underinsured disaster losses and that “you do not have to own a business to qualify, to apply for an SBA disaster loan.” She listed several borrower benefits, including below-market interest rates, loan terms up to 30 years, a 12-month deferral on the first payment and no collateral requirement for loans up to $50,000. Nunez said Lee County was designated as a contiguous county in the presidential disaster declaration for storms and flooding on March 14–15, and she noted that the county is therefore eligible for SBA Economic Injury Disaster Loans (EIDL) only. She also said local officials had closed a FEMA disaster recovery center in Itawamba County and that the SBA is planning a one-day workshop where customer-service representatives would bring computers to help people submit applications. Nunez said she has coordinated with Lee Bowdrey, the Lee County emergency manager, and asked the city to share SBA materials with residents and invite the SBA to local meetings and events. She provided the application website (sba.gov/disaster) and a customer-service phone number and offered social-media graphics and outreach materials for the city to use. The council did not take a formal vote on the request during the presentation. No funding commitment or city-run workshop was approved at the meeting. Ending: City officials did not announce a follow-up action on the record; Nunez said she would accept requests for targeted outreach and that her office can return for webinars or community events to help with applications.