St. John The Baptist Parish News Release

SBA Approves over $63 million in Disaster loans to Louisiana Residents and Businesses

SBA Approves over $63 million in Disaster loans to Louisiana Residents and Businesses

Monday, October 15, 2012

ST. JOHN THE BAPTIST PARISH – Small Business Administration (SBA) District Director Michael Ricks announced today that SBA has approved over $63 million in Federal disaster loans to Louisiana homeowners, renters and businesses who sustained damage from Hurricane Isaac.

According to Ricks, SBA has approved $60 million in loans to 1,865 residents and $3.2 million in loans to 90 businesses and private, nonprofit organizations impacted by the disaster."SBA's disaster assistance employees are committed to helping Louisiana residents rebuild their homes and businesses as quickly as possible," said Ricks.

Individuals and business owners who sustained property damage are encouraged to first register with the Federal Emergency Management Agency (FEMA) prior to the October 30, 2012, deadline by calling the tele-registration number at (800) 621-3362. Individuals who are deaf or hard-of-hearing may call TTY (800) 462-7585. "Don't miss out on any assistance you may be entitled to by not registering for help," Ricks added.

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.

Businesses of any size 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 homeowners and business owners 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, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage. Interest rates can be as low as 1.688 percent for homeowners and renters, 4 percent for businesses, and 3 percent for private, non-profit organizations, with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant's financial condition.

Applicants may apply for an SBA disaster loan online using the Electronic Loan Application (ELA) via SBA's secure Web site at Residents and business owners may obtain information on SBA disaster loans by calling SBA's Customer Service Center toll-free at (800) 659-2955, emailing or visiting SBA's website at Individuals who are deaf or hard-of-hearing may call (800) 877-8339.

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