The U.S. Small Business Administration (SBA) has announced low-interest federal disaster loans for Louisiana businesses and residents affected by severe weather and a tornado on May 13, following a request from Governor Jeff Landry.
This assistance covers Assumption, Iberia, Iberville, Lafayette, Pointe Coupee, St. Landry, St. Martin, and St. Mary parishes. Loans are available for businesses of all sizes, private nonprofit organizations, homeowners, and renters to repair or replace damaged property.
On June 20, the SBA established Virtual Business Recovery and Disaster Loan Outreach Centers for personalized assistance. Businesses can borrow up to $2 million, homeowners up to $500,000 for real estate repairs, and renters and homeowners up to $100,000 for personal property, with interest rates as low as 4% for businesses, 3.25% for nonprofits, and 2.688% for homeowners and renters.
Applications are available online at SBA.gov/disaster, with deadlines on August 16, 2024, for property damage and March 17, 2025, for economic injury.
Please see the attached fact sheet below for more information.
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