NATCHEZ — Businesses monetarily affected by the flood are encouraged to apply for Economic Injury Disaster Loans through the U.S. Small Business Administration — the Federal Emergency Management Agency’s sister company.

“Our program is the primary source for assistance for businesses,” said Matthew Young, an SBA spokesman. “FEMA doesn’t have assistance for businesses.”

Though FEMA will pay state and local governments back a portion of the costs of emergency measurements taken in response to the flood — meaning the costs of things such as sandbags and warning signs — the SBA supplies loans to help cover the loss of any working capital businesses may have sustained.

“A business doesn’t have to have physical damage in order to apply for that Economic Injury Loan,” Young said. “(These) help them meet their ongoing expenses, for things such as mortgage and rent, utilities and payroll so they can keep their employees.

“These loans are not to replace lost income but to help them meet ongoing monthly expenses,” he added.

In Mississippi, no businesses, including those on Silver Street, have seen physical damage, though Under-the-Hill Saloon Proprietor André Farish Jr. said he has some seen loss in capital.

“We lost some business, but we didn’t have to close or anything like that,” he said.

Furthermore, the losses did not total enough to merit the Saloon applying for a loan, he added.

On the other hand, due to the nature of the loan, Young said, businesses might not immediately realize that they will need assistance, though they could see a need months down the road.

The deadline for the physical damages application is July 11, while the deadline to apply for Economic Injury Loans is extended for nine months to Feb. 13.

For physical damages, the SBA can loan as much as

$2 million to businesses, but the amount for economic injuries varies.

“When submitting applications, (businesses) are going to have to provide financial information,” Young said. “(This information includes) current profit loss statements, a balance sheet, schedule of liabilities, personal financial statement and maybe monthly sales for the last three years.”

As insurance settlements are not needed to apply for the loans, Young said there is no need to wait to begin the application process. Additionally, there is no cost to apply and no closing costs — meaning there is no charge for processing the loan.

“Whether they need the loan or not, they may not realize they need the loan until months later, but they need to get funding in place in case they do need it,” he said.

The low-interest rate for businesses is 4 percent and the terms can be up to 30 years, and for non-profits, the

low-interest rate is 3 percent, and the term limit is also 30 years.

Those who wish to be entered into the FEMA system, which will subsequently lead to being registered with the SBA, should call 1-800-621-3362.

Vidalia Mayor Hyram Copeland said he’s making inquiries about when a federal state of disaster will be declared for Louisiana — when citizens can receive FEMA aid — because it’s nearly time to move on to the clean-up phase.

“It’s going to take some time,” he said. “We won’t know (what people are eligible for) until FEMA comes in to sit down with individual parties and discuss whatever issues they may have.”

The only properties in Concordia Parish to receive any floodwaters are those on the Vidalia riverfront and in a few neighborhoods not protected by levees.