News Summary
The U.S. Small Business Administration (SBA) has launched a new initiative to support small businesses and non-profits in Louisiana affected by a winter storm that occurred in January 2025. Eligible entities can apply for Economic Injury Disaster Loans (EIDL) of up to $2 million with favorable interest rates. A grace period of 12 months is also provided for loan repayments. This financial assistance aims to help businesses recover from the economic impact of the disaster. A Virtual Business Recovery Center will be available to assist applicants starting February 7, 2025.
Exciting News for Louisiana Small Businesses!
New Orleans, LA – The U.S. Small Business Administration (SBA) has rolled out an incredible opportunity for small businesses and non-profit organizations across Louisiana that faced economic challenges due to the winter storm that hit between January 21 and January 24, 2025. If your business has been affected by this weather chaos, there’s good news: low-interest loans are on the table!
What’s the Deal?
The SBA is offering Economic Injury Disaster Loans (EIDL), targeting small businesses, agricultural cooperatives, nurseries, and private non-profits that experienced financial losses because of the snowstorm. This means financial support is available to help with various costs that include fixed debts, payroll, accounts payable, and all those bills that didn’t just disappear when that winter weather hit. After all, who could have foreseen such a hefty snow and ice impact?
Loan Details You Need to Know
Eligible businesses can apply for loans that might reach up to a whopping $2 million. With interest rates set at 4% for small businesses and 3.625% for non-profit organizations, borrowing has never felt more manageable. The good news doesn’t stop there! Repayment terms are generous, stretching up to 30 years. This way, businesses have time to recover and get back on their feet after such an unexpected storm challenge.
Who Can Apply?
Attention, Louisiana! The SBA’s disaster declaration covers several parishes including Acadia, Ascension, Assumption, Beauregard, Calcasieu, Cameron, East Baton Rouge, Iberia, Jefferson, Orleans, Plaquemines, and St. Tammany. But it doesn’t stop there! The declaration also includes nearby areas in Mississippi and Texas. Residents of Amite and Pike counties in Mississippi, as well as Newton and Orange counties in Texas, are also eligible!
A Note for Farmers and Ranchers
Unfortunately, the SBA doesn’t provide disaster loans to agricultural producers, farmers, or ranchers, except for those in the aquaculture business. However, if you run a non-profit or a small business affected by the storm, the EIDL program can be a fantastic lifeline to help pay for operational costs, even if your physical property didn’t suffer visible damage.
How to Apply?
For those eager to apply, the process looks straightforward! The SBA will consider the financial condition of each applicant to determine their eligibility as well as the loan amounts and terms. Plus, there’s an added advantage: applicants will have a generous 12-month grace period where interest won’t accumulate, and monthly payments won’t be due after the initial loan disbursement! This cushion can relieve some of the immediate financial pressure as businesses work to rebuild.
Need Help?
If you’re unsure about the application process or need assistance, don’t worry! Starting February 7, 2025, a Virtual Business Recovery Center will open its doors to assist applicants. Operating from 8 a.m. to 4:30 p.m. PST Monday through Friday, this resource is gear up to help guide you through the process and answer any questions you might have in a friendly atmosphere.
Take Action!
Are you ready to take advantage of this fantastic opportunity? For more details on the application process, you can visit SBA.gov/disaster. Don’t let the winter storm set your business back. Take charge of your future and get the help you need today!
Deeper Dive: News & Info About This Topic
- KATC: SBA Offers Low-Interest Loans for Snow-Related Losses
- KLFY: Louisiana Small Businesses Can Apply for Federal Disaster Loans After Winter Storm
- WBRZ: Baton Rouge Woman Spent COVID-19 Relief Funds on Destination Wedding
- LA Illuminator: SBA Drought Assistance
- Google Search: SBA Disaster Loans COVID-19
