SBA offering disaster assistance loans to homeowners, businesses affected by June’s severe weather

CADDO PARISH, La. (KSLA) – The U.S. Small Business Administration (SBA) is offering low-interest disaster loans to non-farm businesses of all sizes, private nonprofits, homeowners and renters who suffered losses caused by the severe storms and straight-line winds that occurred June 10 through June 18.

Individual and Family Loans

Homeowners: up to $500,000 to repair or replace real estate damage and up to $100,000 to replace personal property

Renters: up to $100,000 to repair or replace personal property

Business Loans

Property Damage: up to $2,000,000 to repair or replace real estate, machinery and equipment, inventory and other assets that were damaged or destroyed (available to businesses of any size and private, nonprofit organizations)

Economic Injury: only for small businesses and most private nonprofit organizations suffering adverse financial impacts of the disaster (with or without property loss), up to $2,000,000 for working capital to help pay obligations until normal operations resume.

SBA customer service representatives will meet with each disaster survivor at SBA Disaster Loan Outreach Center in Independence Stadium Media Room. It’s located at 3301 Pershing Blvd. in Shreveport.

Dates and times to apply for loans:

• Begins: Monday, Aug. 14 at 1 p.m.
• Will be open Monday through Friday from 8 a.m. – 5 p.m.
• Deadline: Friday, Aug. 25 at 1 p.m.

SBA will answer specific questions about how a disaster loan may help each survivor recover from damage. Representatives will also provide one-on-one help if you need help completing applications for these loans.

Applicants can also apply online at disasterloanassistance.sba.gov.

Interest rates can be as low as 4% for businesses, 2.375% for private nonprofit organizations and 2.5% 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.

For more information, contact SBA’s Disaster Assistance Customer Service Center at 800-659-2955 or email [email protected].

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