WASHINGTON, DC – Senator Roger Wicker (R-Miss.) today encouraged Mississippi businesses to take advantage of the Small Business Administration’s (SBA) loan deferment program. In response to the oil spill, the SBA is providing new disaster loans to small businesses across the Gulf Coast and allowing those repaying existing disaster loans the option of deferring loan payments.

“Deferment on SBA loan repayment is an important tool to help keep our small businesses afloat during this tough economic time for the Gulf Coast,” said Wicker.  “I am glad the SBA recognizes the hardship so many in the seafood, charter boat, and tourism industries are facing.  It is my hope that our local banks also will offer deferment to the small businessmen and women that provide so much to our communities and Coast economy.”

Small businesses and individual homeowners in Forrest, George, Greene, Hancock, Harrison, Jackson, Lamar, Marion, Pearl River, Perry, and Stone counties who are repaying SBA disaster loans are eligible to apply for a loan deferment.  Typically, the first payment on these loans is due six months from the date of the promissory note.  Through the deferral process, Gulf Coast businesses affected by the oil spill and approved for a SBA disaster loan will have 12 months from the date of the promissory note before the first payment is due.  The SBA is able to extend the deferment period up to 24 months, depending on the impact the disaster has had on the business.  Businesses and homeowners seeking a loan deferment on a SBA disaster loan must provide a written request for an extension, along with an explanation of why the deferment is necessary and how the oil spill is causing economic injury. 

In addition to offering deferment and issuing new loans, the SBA is encouraging its participating lenders to consider deferment relief for borrowers with SBA-guaranteed 7(a) and 504 loans.

Contact Senator Wicker’s Gulfport office at (228) 604-2383 with any questions or concerns.

To apply for loan deferment:
• Call 800-736-6048 or visit one of the six SBA Business Recovery Centers on the Coast (listed below)

• Fill out the provided application form and return immediately

• In most cases, businesses are notified of their success or failure within one day of applying.

SBA Business Recovery Centers
Centers will be closed on Monday, July 5, 2010.

George County
George County EOC
355 Cox Street – Suite J
Lucedale, MS 39452
Open: Monday – Friday; 8 a.m. to 5 p.m.

Hancock County
Civic Center
335 Coleman Avenue
Waveland, MS 39576
Open: Monday – Friday; 8 a.m. to 5 p.m.

Hancock County
Hancock Chamber of Commerce
Colonial Plaza
412 Hwy 90 – Suite 6
Bay St. Louis, MS 39520
Open: Monday – Friday; 9 a.m. to 5 p.m.
           
Harrison County
SBA Gulfport Branch Office, Hancock Bank Plaza
2510 14th Street – Suite 103
Gulfport, MS 39501
Open: Monday – Friday; 8 a.m. to 5 p.m.

Jackson County
Jackson County Fairgrounds, Conference Room A3
2902 Shortcut Road
Pascagoula, MS 39567
Open: Monday – Friday; 8 a.m. to 5 p.m.

Stone County
Stone County Courthouse
323 E. Cavers Avenue
Wiggins, MS 39577
Open: Monday – Friday; 8 a.m. to 5 p.m.
 

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