SBA Tops $100 million in disaster assistance loans
Staff Report – For The Record
Director Michael Ricks of the U.S. Small Business Administration’s (SBA) Louisiana District Office announced today that SBA has approved more than $100 million in federal disaster loans for Louisiana businesses and residents impacted by the severe storms and flooding that occurred March 8 – April 8, 2016. According to Ricks, SBA has approved $12 million for businesses and $89.7 million for residents to help rebuild and recover from this disaster.
“Although the deadline to apply for property damage loans has expired, small businesses and most private nonprofit organizations of any size may continue to apply for an Economic Injury Disaster Loan (EIDL) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business or nonprofit organization suffered any property damage,” Ricks said.
Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for an EIDL of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Disaster loans are available in Allen, Ascension, Assumption, Avoyelles, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Cameron, Catahoula, Claiborne, Concordia, De Soto, East Baton Rouge, East Carroll, East Feliciana, Evangeline, Franklin, Grant, Iberville, Jackson, Jefferson, Jefferson Davis, La Salle, Lincoln, Livingston, Madison, Morehouse, Natchitoches, Orleans, Ouachita, Pointe Coupee, Rapides, Red River, Richland, Sabine, St. Charles, , St. Helena, St. James, St. John the Baptist, St. Landry, St. Tammany, Tangipahoa, Tensas, Union, Vernon, Washington, Webster, West Carroll, West Feliciana and Winn parishes in Louisiana; Ashley, Chicot, Columbia, Lafayette, Miller and Union counties in Arkansas; Amite, Hancock, Issaquena, Marion, Pearl River, Pike, Walthall and Warren counties in Mississippi; and Cass, Harrison, Marion, Newton, Orange, Panola, Sabine and Shelby counties in Texas.
The interest rate for these loans is 4 percent for businesses and 2.625 percent for private nonprofit organizations with terms up to 30 years. The deadline for small businesses to submit an EIDL application is Dec. 13, 2016.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or emailingdisastercustomerservice@sba.