Gulf Coast businesses may qualify for SBA economic injury declaration loans

Information provided by the Mississippi Emergency Management Agency

Due to the Harmful Algal Bloom on the Mississippi Gulf Coast and the additional water contact warnings issued by the Mississippi Department of Environmental Quality, Governor Phil Bryant may request an Economic Injury Declaration from the Small Business Administration.

According to the SBA, an Economic Injury Declaration means a business is “unable to meet its obligations and to pay its ordinary and necessary operating expenses. EID loans provide the necessary working capital to help small businesses survive until normal operations resume after a disaster.”

In order for the Governor to request an EID, at least five businesses in each of the primary counties have to show they have suffered a substantial economic injury. Additionally, the degree of economic injury must be so severe that financial assistance at reasonable rates and terms is not otherwise available, creating the necessity for federal involvement in the form of subsidized loans.

If you are a business owner and want to be included in this possible declaration, the proper contact information for your county is listed below. 

Hancock County: Maureen Anderson, 228-467-0172
Harrison County: Michelle Watts, 228-865-4002
Jackson County: Sonya Carter, 228-938-2850

More information about the Mississippi Beach Monitoring Program is available at http://opcgis.deq.state.ms.us/beaches