Small Business Administration Offering Low Interest Loans In Southwest Louisiana
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FILE – In this file photo from June 15, 2018, money is pulled out of a wallet in North Andover, Massachusetts. High interest lenders and online lenders have long been among the few options for Americans with bad credit and lower incomes. Guidelines released in the spring by federal regulators lower a previously suggested rate cap on lending, which could mean banks will start lending low-value, high-interest loans. (AP Photo / Elise Amendola, File)
SACRAMENTO, Calif. (KLFY) – Low-interest federal disaster loans now available to businesses and residents of Louisiana following President Trump’s declaration of major disaster, administrator said from the US Small Business Administration, Jovita Carranza.
The statement covers the parishes of Allen, Beauregard, Calcasieu, Cameron and Jefferson Davis in the aftermath of Hurricane Laura which occurred August 22-27.
“The SBA is strongly committed to providing Louisiana with the most effective, customer-centric response possible and access to federal disaster loans to help businesses and residents affected by this disaster,” said declared Carranza. “Getting our businesses and communities up and running after a disaster is our top priority at SBA. “
Given the public health concerns from the coronavirus pandemic, SBA has set up a virtual business recovery center to provide personalized assistance to business owners. In addition, the SBA has also opened a virtual disaster loan awareness center to assist homeowners and tenants. Customer service representatives will be available to business owners and individuals to answer questions about the SBA Disaster Loan Program, explain the application process, and help each person complete their electronic loan application. .
Virtual disaster recovery center and
Virtual Disaster Loan Assistance Center
Monday to Sunday (7 days / week)
8 a.m. to 8 p.m. EDT
[email protected]
(800) 659-2955
These services are only available for disaster declaration in Louisiana following Hurricane Laura which occurred August 22-27, 2020, and not for assistance related to COVID-19.
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 business assets. The SBA can also lend additional funds to businesses and homeowners to help cover the cost of improvements to protect, prevent, or minimize the same type of damage from a disaster in the future.
For small businesses, small farmer cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of any size, SBA offers economic disaster loans to help meet the fund’s needs of turnover caused by the disaster. Economic Injury Assistance is available to businesses regardless of any material damage.
Disaster loans of up to $ 200,000 are available to homeowners to repair or replace damaged or destroyed real estate. 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.
To be considered for all forms of disaster assistance, survivors should first contact the Federal Emergency Management Agency at www.disasterassistance.gov. Applicants can apply online, receive additional information about disaster assistance, and download applications at https://disasterloanassistance.sba.gov/. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or 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.