LAKE CHARLES, LA (KPLC) - Low-interest federal disaster loans are available to Louisiana businesses and residents affected by damage from Tropical Storm Harvey that occurred Aug. 27 - Sept. 10, 2017, announced Administrator Linda McMahon of the U.S. Small Business Administration.
SBA acted under its own authority to declare a disaster following the denial of the state's appeal for a major disaster declaration for individual assistance on Dec. 27, 2017.
"Our mission is to help communities recover post disaster to the point they were prior to the disaster," said Susheel Kumar, public information officer for SBA.
The disaster declaration makes SBA assistance available in Beauregard, Calcasieu, Cameron and Jefferson Davis parishes in Louisiana; and Newton and Orange counties in Texas.
"It's important to stress the fact that there are still businesses and residences in Southwest Louisiana that need help," said Lake Charles Mayor Nic Hunter. "The city has been working with community partners to help those residents whose homes flooded during Harvey. We're thankful that the SBA is now working with us to offer low-interest rate federal disaster loans to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster. This is important to our long-term recovery efforts."
Starting Thursday, Jan. 4, 2018, SBA representatives will be on hand at the Allen P. August Sr. Multi-Purpose Center, located at 2001 Moeling Street, to answer questions about SBA's disaster loan program, explain the application process and help individuals complete their applications.
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 businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of 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 $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 3.305 percent for businesses, 2.5 percent for private nonprofit organizations and 1.75 percent 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.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for property damage is March 5, 2018. The deadline to apply for economic injury is Oct. 2, 2018.