The federal Small Business Administration is offering disaster assistance to Lafayette Parish residents and businesses via virtual recovery centers.
Low-interest federal disaster loans are availableto Louisiana businesses and residents affected by the severe weather that occurred May 13, announced Administrator Isabella Casillas Guzman of the U.S. Small Business Administration (SBA). SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Landry on June 13.
The disaster declaration makes SBA assistance available in Assumption, Iberia, Iberville, Lafayette, Pointe Coupee, St. Landry, St. Martin and St. Mary parishes.
“SBA’s mission-driven team stands ready to help Louisiana’s small businesses and residents impacted by the severe weather and tornado,” said Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
“Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration.
On Thursday, June 20, SBA established a Virtual Business Recovery Center to provide personalized assistance to business owners. In addition, SBA will also open a Virtual Disaster Loan Outreach Center to help homeowners and renters. Customer Service Representatives will be available to business owners and individuals to answer questions about SBA’s disaster loan program, explain the application process and help each person complete their electronic loan application.
Virtual Business Recovery Center and Virtual Disaster Loan Outreach Center
- Mondays – Fridays
- 8:00 a.m. – 4:30 p.m.
- FOCWAssistance@sba.gov
- (916) 735-1160
Businesses of all sizes 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 improvements to protect, prevent or minimize disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates can be as low as 4% for businesses, 3.25% for private nonprofit organizations and 2.688% for homeowners and renters 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.
The deadline to apply for property damage is Aug. 16, 2024. The deadline to apply for economic injury is March 17, 2025.
