SBA OKs funds for Isaac loans

The U.S. Small Business Administration has approved more than $63 million in federal disaster loans for Louisiana homeowners, renters and businesses who sustained damage from Hurricane Isaac.

SBA District Director Michael Ricks said the agency approved $60 million in loans to 1,865 residents and $3.2 million in loans to 90 businesses and private, nonprofit organizations impacted by the disaster.

Individuals and business owners who sustained property damage should first register with the Federal Emergency Management Agency before the Oct. 30 deadline by calling [phone]. Individuals who are deaf or hard-of-hearing can call TTY [phone].

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, nonprofit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

The SBA can also lend additional funds to help homeowners and business owners with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. That assistance is available regardless of whether the business suffered any property damage.

Interest rates can be as low as 1.688 percent for homeowners and renters, 4 percent for businesses and 3 percent for private, nonprofit organizations, with terms up to 30 years.

Applicants can apply for an SBA disaster loan online using the Electronic Loan Application at https://disasterloan.sba.gov/ela.

Residents and business owners may obtain information on SBA disaster loans by calling the Customer Service Center at [phone], emailing [e-mail] or visiting www.sba.gov/services/disasterassistance. Individuals who are deaf or hard-of-hearing may call [phone].

SBA continues to provide one-on-one disaster assistance to individuals and business owners throughout the affected area at 21 state/federal Disaster Recovery Centers and six Business Recovery Centers.