SACRAMENTO, Calif. – Michael Ricks, Director of the U. S. Small Business Administration’s (SBA) Louisiana District Office, today reminded residents and business owners of the January 20, 2015, deadline to apply for an SBA federal disaster loan for property damage caused by the severe weather and tornadoes that occurred on October 13, 2014.
According to Ricks, homeowners, renters, businesses of all sizes and private nonprofit organizations may apply for SBA federal disaster loans to repair or replace disaster-damaged property. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
These low-interest federal disaster loans are available in Ouachita Parish and the neighboring parishes of Caldwell, Jackson, Lincoln, Morehouse, Richland and Union.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses of any size and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
In addition, SBA offers Economic Injury Disaster Loans (EIDLs) to small businesses, small agricultural cooperatives, and small businesses engaged in aquaculture and most private nonprofit organizations of any size to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage. The deadline to apply for an SBA economic injury disaster loan is August 18, 2015.
Interest rates can be as low as 2.063 percent for homeowners and renters, 2.625 percent for private nonprofit organizations and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site athttps://disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or e-mailing disastercustomerservice@sba.gov. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. For more information about SBA’s disaster assistance programs, visit http://www.sba.gov/disaster.