- SBA Approves More Than $236 Million in Flood Loans; Businesses Can Still Apply
- September 16, 2016
- Law Firm: Taylor Porter Brooks Phillips L.L.P. - Baton Rouge Office
- The U.S. Small Business Administration has thus far approved more than $236 million in loans to businesses, homeowners and renters impacted by flooding in the Baton Rouge area, and the federal agency urges businesses to continue to apply for loans. Low interest federal disaster loans are available to credit worthy borrowers who have suffered physical damage to their businesses or homes.
A total of 195 SBA team members are working across 34 disaster centers in the Louisiana Capital Region to assist those impacted by the recent flooding. At the centers, businesses, homeowners and renters can get help with the disaster loan application, learn about other forms of federal assistance, and receive business continuity counseling. In addition, 117 SBA field inspectors are on the ground surveying property damage and SBA call center staffers have fielded more than 49,500 calls with Louisiana disaster survivors.
To date, SBA has approved 191 business disaster loans for a combined $16.5 million and 2,959 disaster loans for homeowners and renters totaling $219.6 million. Total SBA loan support for Louisiana flood survivors is now more than $236.1 million.
Businesses and residents affected by the flooding are encouraged to register with the Federal Emergency Management Agency (FEMA) before the Oct. 13 deadline by calling (800) 621-FEMA (3362) or (800) 462-7585 (TTY) for individuals who are deaf or hard-of-hearing. For recovery center locations, and details on how to apply for SBA disaster loans, go to https://www.sba.gov/offices/disaster/dfocw/declaration/1538306.
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. The SBA can also lend additional funds to help business and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future. For small businesses and most private nonprofit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. EIDL 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 their damaged or destroyed primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
The filing deadline to submit applications for property damage is Oct. 13, 2016. The deadline to submit economic injury applications is May 15, 2017.