Small Business Finance News

SBA Disaster Loans Available In Mississippi

Written by Jenna Weiner
Published: 10/31/2011

While federal funding continues to become available to more small businesses throughout the country, many owners and workers remain unsatisfied with their current situation.

The U.S. Small Business Administration recently announced that federal economic injury disaster loans are now available to small businesses, small agricultural cooperatives and most private nonprofit organizations in Mississippi in response to the local drought and excessive heat that occurred between January 1 and August 30, 2011.

SBA Disaster Loans Mississippi

"When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to assist eligible entities affected by the same disaster," said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta.

Eligible small businesses can receive up to $2 million in loans with an interest rate of 3 percent for nonprofits and 4 percent for small businesses. Eligibility is determined based on size of the applicant, type of activity and the business's financial resources.

While small businesses in Mississippi might be able to receive some relief, many SMBs around the country remain frustrated and dissatisfied with policymakers in Washington. A series of recent surveys illustrate just how disgruntled small business owners and their employees are.

The Manta SMB Wellness Index that was recently released found 67 percent of small business owners are highly unsatisfied with the effectiveness of government officials, policymakers and policies. In addition, 35 percent of respondents no longer support a specific political party.

A recent survey showed more than half of employees graded their office furniture and decor a C or lower, while 41 percent grade their office's technology a C or lower. To fix problems in the office, 44 percent of small business workers want to eliminate office politics, 41 percent would prefer to have telecommuting options and 37 percent want the office to receive upgraded computers and technology.

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