SACRAMENTO, Calif. – Small nonfarm businesses in 64 Louisiana parishes and neighboring counties in Arkansas, Mississippi and Texas are now eligible to apply for low‑interest federal disaster loans from the U.S. Small Business Administration, announced Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. These loans offset economic losses because of reduced revenues caused by drought in the following primary parishes that began Dec. 1, 2023.
Primary Louisiana parishes: Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Bienville, Calcasieu, Caldwell, Cameron, Catahoula, Claiborne, Concordia, DeSoto, East Baton Rouge, East Carroll, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville, Jackson, Jefferson, Jefferson Davis, Lasalle, Lafayette, Lafourche, Lincoln, Livingston, Madison, Morehouse, Natchitoches, Orleans, Ouachita, Plaquemines, Pointe Coupee, Rapides, Red River, Richland, Sabine, St. Bernard, St. Charles, St. Helena, St. James, St. John the Baptist, St. Landry, St. Martin, St. Mary, St. Tammany, Tangipahoa, Tensas, Terrebonne, Union, Vermilion, Vernon, Washington, Webster, West Baton Rouge, West Carroll, West Feliciana and Winn;
Neighboring Louisiana parishes: Bossier and Caddo;
Neighboring Arkansas counties: Ashley, Chicot, Columbia, Lafayette and Union;
Neighboring Mississippi counties: Adams, Amite, Claiborne, Hancock, Issaquena, Jefferson, Lamar, Marion, Pearl River, Pike, Sharkey, Walthall, Warren, Washington and Wilkinson;
Neighboring Texas counties: Jefferson, Newton, Orange, Panola, Sabine and Shelby.
SBA has a separate declaration (LA 20232) for small businesses economically impacted by the severe or extreme drought that occurred Sept. 19-Dec. 5, 2023. This disaster declaration offers much-needed assistance to small businesses engaged in aquaculture such as those who rely on the crawfish season. The declaration makes SBA assistance available in all 64 Louisiana parishes along with Ashley, Chicot, Columbia, Lafayette, Miller, and Union counties in Arkansas; Adams, Amite, Claiborne, Hancock, Harrison, Issaquena, Jefferson, Marion, Pearl River, Pike, Walthall, Warren and Wilkinson counties in Mississippi; Cass, Harrison, Jefferson, Marion, Newton, Orange, Panola, Sabine, and Shelby counties in Texas. Please follow this link to apply online MySBA Loan Portal (https://lending.sba.gov/search-disaster/?disaster=LA-20001) or contact the SBA Virtual Business Recovery Center.
Additionally, SBA opened a Business Recovery Center where our customer service representatives will be available to offer personalized help to every business owner. No appointment is necessary. All services are provided free of charge. The center will be open as indicated below.
ACADIA PARISH
Business Recovery Center
Former Wells Fargo Bank Location
10 N. Parkerson Ave.
Crowley, LA 70526
Mondays – Fridays, 9 a.m. - 6 p.m.
Saturdays, 9 a.m. - 1 p.m.
For business owners who are unable to visit the Business Recovery Center, the following Virtual Business Recovery Center is also available to assist small businesses with their applications.
VIRTUAL BUSINESS RECOVERY CENTER
Monday – Friday
8:00 a.m. – 4:30 p.m.
FOCWAssistance@sba.gov
(916) 932-8925
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Sánchez said.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for businesses and 3.25 percent for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Sánchez said.
Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on March 25.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to apply for economic injury is Nov. 25, 2024.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.