The U.S. Small Business Administration (SBA) announced that low interest federal disaster loans are now available to small businesses and private nonprofit (PNP) organizations in Louisiana who sustained economic losses caused by the January 2025 winter storm that occurred Jan. 21-24.
The SBA issued a disaster declaration in response to a request received from Gov. Jeff Landry on Feb. 4, and includes most of Acadiana's parishes.
This disaster declaration covers the counties and parishes of Acadia, Ascension, Assumption, Beauregard, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Iberia, Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Orleans, Plaquemines, St. Bernard, St. Charles, St. Helena, St. James, St. John The Baptist, St. Landry, St. Martin, St. Mary, St. Tammany, Tangipahoa, Terrebonne, Vermilion, Washington and West Baton Rouge in Louisiana, as well as Amite and Pikecounties in Mississippi, and Newton and Orange counties in Texas.
Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL)program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.
EIDLs are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
Loan amount can be up to $2 million with interest rates of 4% for small businesses and 3.625% for PNPs, with terms up to 30 years. The SBA determines eligibility and sets loan amount and terms based on each applicant’s financial condition. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement.
Beginning Friday, Feb.7, SBA customer service representatives will be on hand at a Virtual Business Recovery Center to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application.
Virtual Business Recovery Center
Mondays – Fridays
8:00 a.m. – 4:30 p.m. PST
FOCWAssistance@sba.gov
(916) 461-7673
Closed on Monday, Feb. 17 for President’s Day
