WASHINGTON - With massive flooding that has struck several states along the Mississippi delta and tornadoes that have caused severe damage in many parts of the southeast and elsewhere, finding and securing a U.S. Small Business Administration (SBA) disaster loan is taking on a sudden urgency, Reuters reports.

With the recent Mississippi flooding, FEMA??s website lists disaster declarations by area. Since last month, it has listed disaster declaration in 14 states, with 14 counties in Mississippi covered.

Qualifying for a SBA disaster loan requires the following:

• Losses must have occurred in a county covered by a disaster declaration.
• If you have insurance, FEMA requires that you file an insurance claim.
• If your insurance claim will take longer than 30 days to process or your insurance does not cover your damage, you will probably qualify for FEMA aid, which includes SBA loans.

SBA disaster loans include those for business physical disaster as well as economic injury.

Business physical disaster loans total up to $2 million and can be used to repair or replace real property, machinery, equipment, fixtures, inventory, and leasehold improvements. They carry a 4 percent interest rate and 30-year repayment schedule.

Economic injury disaster loans are available to small businesses and range up to $2 million for both economic injury (i.e., working capital) and physical damage. They carry a 4% interest rate and require repayment.

For more information, visit the SBA??s Disaster Loan website.