Low-interest federal disaster loans are still available to Louisiana businesses and residents affected by the Red River flooding that occurred May 18 through June 20.
U.S. Small Business Administration Administrator Maria Contreras-Sweet says the agency declared a disaster following the denial of the state’s request for a major disaster declaration. Eligible residents are in Bossier, Caddo, DeSoto, and Red River parishes in Louisiana; Lafayette and Miller counties in Arkansas; and Cass, Harrison, Marion and Panola counties in Texas.
The filing deadline is Sept. 28.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, equipment, inventory, and other business assets. Disaster loans up to $200,000 are available to homeowners to repair or replace damaged real estate. Homeowners and renters also are eligible for up to $40,000 to repair or replace damaged personal property.
Interest rates can be as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations and 1.688 percent for homeowners and renters with terms up to 30 years
Applications are available online at https://disasterloan.sba.gov/ela.
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