News Alert: Low-Interest Federal Disaster Loans Available in Northeast Louisiana
Posted: 11/21/2014 10:20:50 AM
Louisiana Business Emergency Operations Center
Low-Interest Federal Disaster Loans Available in Northeast Louisiana

Baton Rouge (November 19) – The U.S. Small Business Administration (SBA) has approved Governor Bobby Jindal’s request for federal disaster assistance following last month’s severe weather and tornadoes in Ouachita Parish. That means low-interest disaster loans are available to homeowners and business owners whose property was damaged or destroyed in the October 13th storms. The SBA made the decision to declare a disaster in response to a request received from Governor Jindal on November 14th. The disaster declaration makes SBA assistance available in Ouachita Parish and the neighboring parishes of Caldwell, Jackson, Lincoln, Morehouse, Richland and Union. “Governor Jindal and I toured the area the day after this severe weather hit the parish,” said Governor’s Office of Homeland Security and Emergency Preparedness (GOHSEP) Director Kevin Davis. “While the amount of damage fell below the levels for FEMA assistance, we are pleased this level of support from the SBA has been approved to help people recover and to get businesses back operating.” 

SBA officials say disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. 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. SBA can also lend additional funds to homeowners and businesses to help 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 2.063 percent for homeowners and renters, 2.625 percent for private nonprofit organizations and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
A disaster loan center will be open on the days and times indicated until further notice. No appointment is necessary.

OUACHITA PARISH
SBA Disaster Loan Outreach Center
Ouachita Parish Public Library
2nd Floor Computer Lab
1800 Stubbs Avenue (corner of Stubbs & 18th Street)
Monroe, LA 71201
Opening Wednesday, November 19 at 9 am
Mondays – Fridays, 9 am – 5:30 pm
Closed Thanksgiving Holiday: Wednesday, November 26 at 12 pm through Friday, November 28
Re-opening Monday, December 1 at 12 pm


Applicants may also apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela. Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or e-mailing disastercustomerservice@sba.gov. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. For more information about SBA’s disaster assistance programs, visit http://www.sba.gov/disaster.
The filing deadline to return applications for property damage is January 20, 2015. The deadline to return economic injury applications is August 18, 2015.

You can receive emergency alerts on most smartphones and tablets by downloading the new ALERT FM App. It is free for basic service. You can also download the new Louisiana Emergency Preparedness Guide and find other important information at www.getagameplan.org. The Get a Game Plan App is also available for download to your smart phones or tablets.

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