SBA offering loans to businesses, residents in La. impacted by

New Orleans CityBusiness, Nov 12, 2008 by reportsCityBusiness Staff

Louisiana homeowners, renters and businesses impacted by hurricanes Gustav and Ike have access to more than $100 million in federal low-interest disaster loans from the U.S. Small Business Administration.

Michael W. Ricks, the SBA's Louisiana District director, said the SBA has approved $89 million in loans to Louisiana homeowners and renters and $12 million in loans to businesses and private, nonprofit organizations.

Individuals and business owners who sustained damages from the hurricanes are encouraged to register with the Federal Emergency Management Agency by calling (800) 621-3362, or (800) 462-7585 for the hearing- and speech-impaired.

The deadline for loan applications has been extended to Dec. 3 for people who sustained damages from Gustav.

Ricks said SBA customer service representatives in Louisiana are available at 13 disaster recovery centers, three mobile disaster recovery centers, four business counseling centers, six disaster loan outreach centers and a fisheries assistance center in Louisiana to issue loan applications, answer questions about SBA's disaster loan program and close approved disaster loans. No appointment is necessary to speak with a representative.

Disaster victims can also go online to file an SBA application for disaster loan assistance at https://disasterloan.sba.gov/ela.

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, non-profit 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 prevent or minimize the same type of disaster damage from occurring in the future.