The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans to private nonprofit organizations in Montgomery County, Mississippi. This follows an amended Presidential disaster declaration addressing the severe storms and flooding that occurred on March 14-15, 2025.
Montgomery County is the latest addition under this declaration. Private nonprofits offering non-critical governmental services affected by these events are now eligible to apply for financial assistance. Eligible organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
These nonprofits can borrow up to $2 million to repair or replace damaged property and assets. Additionally, applicants may qualify for a loan increase of up to 20% for mitigation purposes as verified by the SBA.
Economic Injury Disaster Loans (EIDLs) are available for working capital needs caused by the disaster. These loans can be used to cover expenses such as fixed debts and payroll even if no physical damage occurred.
"SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery," said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."
The interest rate on these loans can be as low as 3.625%, with repayment terms extending up to 30 years. No interest accrues nor payments required until 12 months post-disbursement. Loan amounts and terms are determined based on each applicant’s financial condition.
Applications can be submitted online at sba.gov/disaster or through contacting SBA's Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1.
The deadline for applications related to physical property damage is July 22, 2025, while economic injury applications must be submitted by February 23, 2026.