WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La) today thanked the Small Business Administration (SBA) for declaring a major disaster declaration for residents and small businesses affected by Hurricane Harvey. This disaster declaration from SBA makes low-interest loans available for Beauregard, Cameron, Calcasieu and Jefferson Davis parishes in Louisiana.
“I would like to thank Small Business Administrator McMahon for extending the disaster declaration to the people of southwest Louisiana,” said Sen. Kennedy. “This assistance will help give residents the tools necessary to recover and rebuild after Hurricane Harvey.”
According to the Small Business Administration 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. It is important to note that SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
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. Interest rates can be as low as 3.305% for businesses, 2.5% for private nonprofit organizations and 1.75% for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
The deadline to apply for property damage is March 5, 2018. The deadline to apply for economic injury is Oct. 2, 2018.
If you have any questions regarding SBA’s disaster loan program, contact the center below.
Disaster Loan Outreach Center
Allen P. August, Sr. Multi-Purpose Center
2001 Moeling Street
Lake Charles, LA 70601
Mondays - Fridays, 8 a.m. – 5 p.m.