- LABI Advises Businesses About Federal Loans to Help Rebuild
- September 11, 2016
- Law Firm: Taylor Porter Brooks Phillips L.L.P. - Baton Rouge Office
LABI’s list of resources, which can be found online, includes the names and telephone numbers of organizations accepting donations, key contacts, a small business disaster recovery quick guide, and links to the Federal Emergency Management Agency and the Louisiana Business Emergency Operations Center.
Maria Contreras-Sweet, head of the U.S. Small Business Administration, says businesses, regardless of size, and private nonprofits may borrow up to $2 million to repair and replace damaged and destroyed properties.
Economic Injury Disaster Loans also are available. Homeowners and businesses may also get funds to cover the cost of improvements designed to prevent and protect their property from similar disasters in the future. Disaster loans up to $200,000 are available to homeowners, the SBA says. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. Interest rates can be as low as 4% for businesses, about 2.6% for private nonprofit organizations and roughly 1.6% for homeowners and renters with terms up to 30 years.