SBA disaster relief loans available to residents and businesses in 6 parishes

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Low-interest loans are now available for people affected by tornadoes and severe storms April 24-25 in northern Louisiana.

They include the parishes of Bienville, Claiborne, Jackson, Lincoln, Ouachita and Union.

In Lincoln Parish, an Outreach Center has been opened to help people apply. You can find it at:

Ruston Town Hall

401 Trenton Street North.

Ruston, LA 71270

It opens at 8 a.m. on Tuesday, August 13

It will then be open Monday to Friday from 8 a.m. to 5 p.m.

The loans are made through the US Small Business Administration, which declared a disaster after Louisiana’s appeal for a major disaster declaration for individual assistance was rejected.

— Up to $2 million: This is the amount businesses and private nonprofits can borrow through the Small Business Administration to repair or replace real estate, machinery and equipment, damaged or destroyed inventory and other assets. The SBA can also lend additional funds to businesses and homeowners to help cover the costs of improvements to protect, prevent, or minimize the same type of disaster damage.

– For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations, the SBA offers economic disaster loans to help meet working capital needs caused by the disaster. Economic loss assistance is available whether or not the business has suffered property damage.

— Up to $200,000: This is the amount homeowners can borrow to repair or replace damaged or destroyed property.

— Up to $40,000: this is the amount that owners and tenants can borrow to replace or repair personal property that was destroyed or damaged during storms.

Interest rates on these loans could be as low as 4% for businesses, 2.75% for private nonprofits, and 2.063% for homeowners and tenants.

This is on terms up to 30 years.

Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.

The deadline to file a property damage claim is October 7. The deadline to file a claim for economic harm is May 8, 2020.

TO APPLY

  • A Disaster Loan Awareness Center will be set up from 8 p.m. to 5 p.m. Aug. 13 at Ruston City Hall, 401 N. Trenton St. in Ruston.
  • Candidates can also apply online, receive additional information and download applications by clicking here.
  • And applicants can call the SBA Customer Service Center toll-free at (800) 659-2955 or email [email protected]
  • People who are deaf or hard of hearing can call toll free at (800) 877-8339.

Completed applications should be mailed to:

US Small Business Administration,

Processing and Disbursement Center,

14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to file a property damage claim is October 7. The deadline to file a claim for economic harm is May 8, 2020.

Copyright 2019 KSLA. All rights reserved.

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