Hurricane Laura SBA Disaster Loans Reach $ 264 Million in Louisiana | Business

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It has been more than a month since Hurricane Laura passed through southwest Louisiana, and federal disaster loans in the state have reached nearly $ 264 million since the Category 4 storm hit land in Cameron Parish.

The overwhelming majority of disaster assistance loans in Louisiana have gone to individuals, $ 256 million since Aug. 22, according to the US Small Business Administration.

According to the federal agency, an additional $ 7.8 million in SBA disaster loans went to Louisiana businesses affected by damage from Hurricane Laura.

Businesses and residents of Acadia, Allen, Beauregard, Caddo, Calcasieu, Cameron, Grant, Jackson, Jefferson Davis, La Salle, Lincoln, Morehouse, Natchitoches, Ouachita, Rapides, Sabine, Saint-Landry, Union, Vermilion, Vernon and Winn parishes may be eligible for cash. Deadline is October 27 via the Federal Emergency Management Agency.

Those looking for one-on-one help can always log in through the virtual disaster and business takeover lending awareness center. It is open 7 days a week from 7 a.m. to 7 p.m. by calling (800) 659-2955 or by sending an email [email protected].

Businesses that have applied for and received money for the Coronavirus Pandemic Economic Disaster Loan Program may get another loan because Hurricane Laura is considered a new disaster declaration.

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Businesses of all sizes and private non-profit organizations are eligible to borrow up to $ 2 million to repair or replace any damaged property, machinery and equipment, including inventory and other business-related assets. Homeowners can get loans for improvements to protect or prevent future damage.

Small businesses in particular can apply for the Economic Disaster Loan, which is intended for working capital after a disaster. Homeowners can get up to $ 200,000 for structural damage to the home, while homeowners and renters can get $ 40,000 to replace their personal property.

The interest rates for these loans are 3% for businesses, 2.75% for private non-profit organizations, and 1.188% for landlords and tenants.

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