Director Jeffrey Lusk of the SBA’s Disaster Field Operations Center-West reminded Louisiana small businesses of the Dec. 6 deadline to apply for an SBA federal disaster loan for economic injury caused by the severe storms and a tornado in Tangipahoa Parish that occurred Feb. 8.
According to Lusk, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster.
These low-interest federal disaster loans are available in Jefferson, Livingston, St. Charles, St. Helena, St. John the Baptist, St. Tammany, Tangipahoa and Washington parishes in Louisiana; and Amite and Pike counties in Mississippi. Interest rates are 4 percent for businesses and 2.375 percent for private nonprofit organizations 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.
Applicants may apply online, receive additional disaster assistance information and download applications at SBA.gov/disaster.
