SBA Loans for Those Affected by Hurricane Laura
To the great relief of those impacted by the wrath of Hurricane Laura, the SBA has approved more than $34.7 million in federal disaster loans for Louisiana businesses and residents. The hurricane occurred between August 22 and 27, 2020. The SBA has approved $33.5 million for residents and $1.2 million for businesses to help rebuild and recover from this disaster.
Businesses and residents in Acadia, Allen, Beauregard, Caddo, Calcasieu, Cameron, Grant, Jackson, Jefferson Davis, La Salle, Lincoln, Morehouse, Natchitoches, Ouachita, Rapides, Sabine, St. Landry, Union, Vermilion, Vernon, and Winn parishes who sustained damages should register prior to Oct. 27, 2020. October 27, 2020, is the deadline with the Federal Emergency Management Agency at www.disasterassistance.gov.
SBA provides one-on-one assistance to disaster loan applicants at the following virtual centers on the days and times mentioned below:
Virtual Disaster Loan Outreach Center and Virtual Business Recovery Center:
Days Open: Monday to Sunday (7 days per week)
Time: from 8 a.m. to 8 p.m.
Call: (800) 659-2955
Businesses of all sizes and even private nonprofit organizations may borrow up to $2 million. They can use the funds to repair or replace damaged real estate, machinery, equipment, inventory, and other business assets.
The SBA can also lend funds to help residents and businesses cover the cost of making improvements that protect, prevent, or minimize the possibility of similar disaster damage from occurring again in the future.
SBA offers Economic Injury Disaster Loans (EIDL) For small businesses and most private nonprofit organizations of all sizes. These loans help meet the working capital needs of businesses caused by the disaster. Economic injury assistance is available irrespective of whether the business has suffered any property damage. May 28, 2021 is the deadline to apply for economic injury.
For homeowners, disaster loans of up to $200,000 are available to repair or replace their damaged or destroyed primary residence. Renters and homeowners are also eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates on these loans can be quite low. They can be as low as 3% for businesses, 2.75% for private nonprofit organizations, and 1.188% for homeowners and renters. They can provide terms of up to 30 years. Loan terms and amounts are set by the SBA and depend on each applicant’s financial condition.
Applicants can apply online, receive additional disaster assistance information, and download applications at https://disasterloanassistance.sba.gov/. Applicants can also call SBA’s Customer Service Center at (800) 659-2955. Alternatively, you can also email at email@example.com for more information on SBA disaster assistance. Individuals who are hard of hearing or deaf can call (800) 877-8339.
Completed applications should be mailed to the following address: “U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155”.