Small Business Administration offering loans to businesses affected by winter storm
La. (KPLC) – The U.S. Small Business Administration (SBA) is offering relief to small businesses across Louisiana that suffered economic losses from the Jan. winter storm.
The SBA issued a disaster declaration after Gov. Jeff Landry requested it on Feb. 4. The declaration means the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and private nonprofit (PNP) organizations.
Small businesses in 31 parishes are eligible for the program, including Beauregard, Calcasieu, Cameron, and Jeff Davis. Additionally, Newton and Orange counties in Texas are included in the program.
According to the SBA, 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.
The loan amount can be up to $2 million with interest rates of 4% for small businesses and 3.625% for PNPs, with terms of up to 30 years.
The SBA determines eligibility and sets loan amounts 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.
The SBA asks applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received.
The deadline to apply for the program is Nov. 25. Individuals can apply for the program in the following ways:
- Online at SBA.gov/disaster
- Calling the SBA’s Customer Service Center at 800-659-2955
- Emailing disastercustomerservice@sba.gov
SBA customer service representatives will also be able to answer questions about the disaster loan program, explain the application process, and help individuals complete their applications at a Virtual Business Recovery Center. It will be available from 10 a.m. to 6:30 p.m. CST Mondays through Fridays, excluding President’s Day (Monday, Feb. 17).
To access the Virtual Business Recovery Center, email FOCWAssitance@sba.gov or call 916-461-7673.
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