SBA disaster assistance loans available to 6 parishes

The aid comes in response to deadly tornadoes, severe storms that struck April 24-25

SBA disaster assistance loans available to 6 parishes

(KSLA) — Low-interest loans now are available to those impacted by tornadoes and severe storms April 24-25 in North Louisiana.

They include the parishes of Bienville, Claiborne, Jackson, Lincoln, Ouachita and Union.

The loans are through the U.S. Small Business Administration, which declared a disaster after Louisiana’s appeal for a major disaster declaration for individual assistance was denied.

— Up to $2 million: That’s how much businesses and private nonprofits may borrow through the Small Business Administration to repair or replace real estate, machinery and equipment, inventory and other assets that were damaged or destroyed. The SBA also may lend additional funds to businesses and homeowners to help with the costs of improvements to protect, prevent or minimize the same type of disaster damage from occurring again.

— For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofits, 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.

Up to $200,000: That’s how much homeowners can borrow to repair or replace damaged or destroyed property.

Up to $40,000: That’s how much homeowners and tenants are eligible to borrow to replace or fix personal property that was destroy or damaged in the storms.

Interest rates on these loans could be as low as 4 percent for businesses, 2.75 percent for private nonprofits and 2.063 percent for homeowners and renters.

That’s on terms up to 30 years.

Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

The deadline to apply for property damage is Oct. 7. The deadline to apply for economic injury is May 8, 2020.

TO APPLY

  • A disaster loan outreach center will be set up from 8-5 p.m. Aug. 13 at Ruston City Hall, 401 N. Trenton St. in Ruston.
  • Applicants also may apply online, receive additional information and download applications by clicking here.
  • And applicants may call SBA’s customer service center toll-free at (800) 659-2955 or send email to disastercustomerservice@sba.gov
  • Individuals who are deaf or hard of hearing may call toll-free at (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 Oct. 7. The deadline to apply for economic injury is May 8, 2020.

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