Deadline Approaching in Louisiana for SBA Working Capital Loans Due to Severe Storms and Straight Line Winds
SACRAMENTO, Calif. – Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, today reminded Louisiana small businesses of the May 13, 2024, deadline to apply for an SBA federal disaster loan for economic injury caused by severe storms and straight-line winds in Caddo parish that occurred June 10 – 18, 2023.
According to Sánchez, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Sánchez said.
These low-interest federal disaster loans are available in Bossier, Caddo, DeSoto and Red River parishes in Louisiana; Lafayette and Miller counties in Arkansas; and Cass, Harrison, Marion and Panola counties in Texas.
SBA customer service representatives will be available at the following Virtual Business Recovery Center to answer questions about SBA’s disaster loan program, explain the application process and help each business owner complete their application,” Sánchez continued. The virtual center will be open on the days and times indicated below. No appointment is necessary.
VIRTUAL BUSINESS RECOVERY CENTER
Monday – Friday
8:00 a.m. – 4:30 p.m.
(916) 932-8925
Interest rates are 4 percent for businesses and 2.375 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.