Low-interest federal disaster loans are available to Louisiana businesses and residents affected by Hurricane Barry that occurred July 10-15.
The disaster declaration makes SBA assistance available in Allen, Assumption, Avoyelles, Beauregard, Catahoula, Concordia, Evangeline, Iberia, Jefferson Davis, La Salle, Pointe Coupee, Rapides, St. Landry, St. Martin, St. Mary, Terrebonne, Vernon and West Feliciana parishes.
Allen Parish: Disaster Loan Outreach Center, Allen Parish Civic Center, 609 Tiger Lane, Oberlin; Mondays - Fridays, 9 a.m. - 6 p.m.; closes 6 p.m. Sept. 26
Avoyelles Parish: Disaster Loan Outreach Center, Avoyelles Parish Library, 600 North Main St., Marksville; Mondays - Fridays, 8 a.m. - 5 p.m.; closes 5 p.m. Sept. 26
St. Mary Parish: Disaster Loan Outreach Center, Patterson Civic Center, 116 Cotton Road, Patterson; Mondays - Fridays, 9 a.m. - 6 p.m.; closes 6 p.m. Sept. 26
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 4 percent for businesses, 2.75 percent for private nonprofit organizations and 1.938 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call 800-877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for property damage is Nov. 12. The deadline to apply for economic injury is June 11, 2020.