SBA loans available for those affected by Hurricane Laura

The SBA has approved more than $ 34.7 million in federal disaster loans for businesses and residents of Louisiana affected by Hurricane Laura which occurred August 22-27, 2020. The SBA has approved $ 1.2 million for businesses and $ 33.5 million for residents to help them rebuild and recover from this disaster.

Businesses and residents of Acadia, Allen, Beauregard, Caddo, Calcasieu, Cameron, Grant, Jackson, Jefferson Davis, La Salle, Lincoln, Morehouse, Natchitoches, Ouachita, Rapides, Sabine, Saint-Landry, Union, Vermilion, Vernon and Winn parishes who have sustained damage are encouraged to register by the October 27, 2020 deadline with the Federal Emergency Management Agency at [].

The SBA continues to provide one-on-one assistance to disaster loan applicants at the following virtual centers on the days and times indicated.

Virtual Disaster Loan Outreach Center and Virtual Business Recovery Center Monday – Sunday (7 days / week) 8 a.m. – 8 p.m. EDT[email protected](800) 659-2955

Businesses of all sizes and private non-profit organizations can borrow up to $ 2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other commercial assets. The SBA can also lend additional funds to help businesses and residents meet the cost of upgrades that protect, prevent, or minimize the same type of damage from a disaster in the future.

For small businesses and most private nonprofits of all sizes, SBA offers economic disaster loans to help meet the working capital needs caused by the disaster. Aid for economic damage is available whether or not the business has suffered material damage. The deadline for submitting an economic loss claim is May 28, 2021.

Disaster loans of up to $ 200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and tenants are entitled to up to $ 40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 3% for businesses, 2.75% for private nonprofits, and 1.188% for landlords and tenants with terms of up to 30 years. The amounts and terms of the loan are set by the SBA and are based on the financial status of each applicant.

Applicants can apply online, receive additional information about disaster assistance, and download applications at []. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or send an email [email protected] for more information on SBA Disaster Assistance. People who are deaf or hard of hearing can call (800) 877-8339. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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