The Small Business Administration (SBA) is reminding Louisiana businesses and residents of the July 2 deadline to apply for federal disaster loans to repair or replace property damaged by severe weather conditions in St. Tammany Parish. Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA, emphasized that businesses of all sizes, most private nonprofit organizations, homeowners, and renters are eligible to apply for the low-interest federal disaster loans.
The SBA is offering loans to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Businesses can borrow up to $2 million to cover the costs of repairs or replacements. Additionally, the SBA is offering Economic Injury Disaster Loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations to help meet working capital needs caused by the disaster. The deadline to apply for an SBA economic injury disaster loan is February 3, 2025.
Homeowners and renters are also eligible for disaster loans to repair or replace damaged or destroyed personal property, including personal vehicles. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations, and 2.688 percent for homeowners and renters. Loan terms can be up to 30 years.
Sánchez noted that 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 can apply online at SBA.gov/disaster or call the SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For those who are deaf, hard of hearing, or have a speech disability, the SBA offers telecommunications relay services by dialing 7-1-1.
The affected parishes in Louisiana include Jefferson, Orleans, St. Tammany, Tangipahoa, and Washington, as well as Hancock and Pearl River counties in Mississippi.
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