LA 14811-15 SBA Tops $1 Billion in Disaster Assistance Loans

SACRAMENTO, Calif. –

Associate Administrator James Rivera of the U.S. Small Business Administration’s (SBA) Office of Disaster Assistance announced today that SBA has approved more than $1 billion in federal disaster loans for Louisiana businesses and residents impacted by severe storms and flooding that occurred Aug. 11-31, 2016.

“When the rains hit Louisiana in August, SBA implemented many advancements and improvements in our disaster loan program, which meant that we didn't have to wait for the water to go down before rolling up our sleeves and getting to work,” said Rivera. “The steps we have taken thus far to enhance our loan processing capabilities are allowing us to approve disaster loans at a near-record pace. These loans are providing vital financial assistance to help Louisiana businesses and residents with their recovery.”

According to Rivera, SBA has approved over $97,932 million for businesses and over $917,372 million for residents to help rebuild and recover from this disaster.

“SBA’s disaster assistance employees are working urgently and compassionately and are committed to helping businesses and residents rebuild as quickly as possible,” said Rivera. Businesses and residents who sustained damages are encouraged to register with the Federal Emergency Management Agency (FEMA) prior to the recently-extended Nov. 14, 2016, deadline by calling the tele-registration number at (800) 621‑FEMA (3362) or (800) 462-7585 (TTY) for individuals who are deaf or hard‑of‑hearing. “Don’t miss out on any assistance you may be entitled to by not registering for help. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate,” he added.

SBA representatives are still available at the federal-state Disaster Recovery Centers, SBA Business Recovery Centers and SBA Disaster Loan Outreach Centers throughout the affected areas to explain SBA’s disaster loan program, help business owners and residents apply and close their approved disaster loans. Additional information and details on the location of centers is available by calling (800) 659-2955 or visiting SBA’s website at

https://www.sba.gov/disaster

.

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, 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.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at

https://disasterloan.sba.gov/ela

.