One Month Left to Apply for SBA Disaster Loans

SACRAMENTO, Calif., April 14 — The Small Business Administration's Office of Disaster Assistance issued the following news release:

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District Director Michael Ricks of the U.S. Small Business Administration's Louisiana District office, today reminded small businesses of the May 15, 2017, deadline to apply for an SBA federal disaster loan for economic injury caused by severe storms and flooding that occurred Aug. 11-31, 2016.

According to Ricks, 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. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster's impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Ricks said.

These low-interest federal disaster loans are available in Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Calcasieu, Cameron, Catahoula, Concordia, East Baton Rouge, East Feliciana, Evangeline, Iberia, Iberville, Jefferson, Jefferson Davis, La Salle, Lafayette, Lafourche, Livingston, Orleans, Pointe Coupee, Rapides, St. Charles, St. Helena, St. James, St. John the Baptist, St. Landry, St. Martin, St. Mary, St. Tammany, Tangipahoa, Vermilion, Washington, West Baton Rouge and West Feliciana parishes in Louisiana; Amite, Hancock, Marion, Pearl River, Pike, Walthall and Wilkinson counties in Mississippi.

The interest rate is 4 percent for businesses and 2.625 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.

Applicants may apply online using SBA's secure website 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 emailing disastercustomerservice@sba.gov. Individuals who are deaf or hard of hearing may call (800) 877-8339. For more disaster assistance information or to download applications, visit https://www.sba.gov/disaster. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.