Tanya N. Garfield, Director of the U.S. Small Business Administration’s Disaster Field Operations Center-West, urged Louisiana businesses and residents today to apply for SBA federal disaster loans by the May 5, 2023 deadline. The loans address property damage resulting from the severe storms and a tornado in Tangipahoa Parish on February 8, 2023.
Available to businesses of all sizes, most private nonprofits, homeowners, and renters, these low-interest disaster loans can be used for repairing or replacing damaged property. SBA also offers additional funds for improvements that minimize future disaster damage.
Eligible areas include Jefferson, Livingston, St. Charles, St. Helena, St. John the Baptist, St. Tammany, Tangipahoa, and Washington parishes in Louisiana, as well as Amite and Pike counties in Mississippi. Businesses and private nonprofit organizations can borrow up to $2 million for damaged or destroyed real estate, machinery, equipment, inventory, and other assets.
SBA’s Economic Injury Disaster Loans assist small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations in meeting working capital needs caused by the disaster, even if they haven’t suffered property damage. The deadline for economic injury disaster loan applications is December 6, 2023.
Homeowners can receive up to $200,000 in disaster loans for damaged or destroyed real estate, while homeowners and renters can access up to $40,000 for personal property damage, including personal vehicles.
With interest rates as low as 4% for businesses, 2.375% for private nonprofits, and 2.375% for homeowners and renters, SBA loans offer terms up to 30 years based on the applicant’s financial condition.
Applicants can apply online, find more information, and download applications at https://disasterloanassistance.sba.gov/ or contact SBA’s Customer Service Center at (800) 659-2955 or disastercustomerservice@sba.gov.
This article, “Deadline Nears for Louisiana SBA Disaster Loans Following Severe Storms and Tornado” was first published on Small Business Trends