The United States Small Business Administration (SBA) is now offering low-interest federal disaster loans to small businesses in Louisiana, some Arkansas and Mississippi counties and some Texas counties, including Jefferson and Orange, that are suffering substantial economic injury resulting from coronavirus (COVID-19), SBA Administrator Jovita Carranza announced March 19.
SBA assistance is available throughout the state of Louisiana and the following neighboring counties:
Arkansas counties: Ahsley, Chicot, Columbia, Lafayette, Miller and Union;
Mississippi counties: Adams, Amite, Claiborne, Hancock, Issaquena, Jefferson, Marion, Pearl River, Pike, Walthall, Warren and Wilkinson;
Texas counties: Cass, Harrison, Jefferson, Marion, Newton, Orange, Panola, Sabine and Shelby.
“SBA is strongly committed to providing the most effective and customer-focused response possible to assist Louisiana small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the coronavirus,” said Administrator Carranza.
SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.
“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the coronavirus since Jan. 31, 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,” said Carranza.
“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Carranza added.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of COVID-19. The interest rate is 3.75% for small businesses. The interest rate for private nonprofit organizations is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 21.
For more information about coronavirus, visit: coronavirus.gov.
For more information about available SBA resources and services, visit: SBA.gov/coronavirus.
About the SBA
SBA makes the American dream of business ownership a reality. 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 or 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.