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SBA Tops $500 Million in Disaster Assistance Loans for Hurricane Laura

SACRAMENTO, Calif. – Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West announced today that SBA has approved more than $500 million in federal disaster loans for Louisiana businesses and residents impacted by Hurricane Laura that occurred Aug. 22-27, 2020. According to Garfield, SBA has approved $23,032,300 million for businesses and $478,441,400 million for residents to help rebuild and recover from this disaster.

“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” said Garfield. Businesses and residents in Acadia, Allen, Beauregard, Caddo, Calcasieu, Cameron, Grant, Jackson, Jefferson Davis, La Salle, Lincoln, Morehouse, Natchitoches, Ouachita, Rapides, Sabine, St. Landry, Union, Vermilion, Vernon and Winn parishes who sustained damages are encouraged to register prior to the Nov. 27, 2020, deadline with the Federal Emergency Management Agency at www.disasterassistance.gov. “Don’t miss out on any assistance you may be entitled to by not registering for help. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate,” she added.

According to SWLA Economic Development Alliance President George Swift, SBA’s disaster assistance team is continuing its partnership with the Chamber of Commerce staff at the Southwest Entrepreneurial and Economic Development (SEED) center to provide one-on-one assistance to the business community that has been devastated by Hurricanes Laura and Delta. “We are very pleased to have SBA’s continued support available to meet with business owners to discuss their individual situations from these two devastating hurricanes,” Swift added.

Due to the COVID pandemic, services are provided by appointment only and all services are provided free of charge. To schedule an appointment to meet with an SBA customer service representative please call the SWLA Economic Development Alliance at (337) 433-3632. The center is open as indicated below.

 CALCASIEU PARISH

Business Recovery Center

Southwest Entrepreneurial and Economic Development (SEED) Center

Willis Noland Conference Center, Second Floor

4310 Ryan St.

Lake Charles, LA 70605

Mondays – Fridays, 9 a.m. – 3 p.m.

“SBA customer service representatives will meet with each business owner to explain how an SBA disaster loan can help finance their recovery. They will answer questions about SBA’s disaster loan program, explain the application process and help each business owner complete their electronic loan application,” said Garfield.

 Businesses of any size and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. These loans cover losses that are not fully covered by insurance or other recoveries.

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. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any property damage.

For business owners who are unable to visit the business recovery center, they may apply online using SBA’s secure website at https://disasterloanassistance.sba.gov/.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

In addition, SBA has also opened a Virtual Disaster Loan Outreach Center to help homeowners and renters. Customer Service Representatives are available to business owners and individuals to answer questions about SBA’s disaster loan program, explain the application process and help each person complete their electronic loan application.

 Virtual Disaster Loan Outreach Center

Monday – Sunday (7 days/week)

8 a.m. – 8 p.m. EDT

FOCWAssistance@sba.gov

(800) 659-2955

 These services are only available for the Louisiana disaster declaration as a result of Hurricanes Laura and Delta and not for COVID-19 related assistance

 To be considered for all forms of disaster assistance, survivors must first contact the Federal Emergency Management Agency at www.disasterassistance.gov. Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov 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 property damage is Nov. 27, 2020. The deadline to apply for economic injury is May 28, 2021.