Small nonfarm businesses in 19 Louisiana parishes and neighboring counties in Arkansas and Mississippi can now apply for low-interest federal disaster loans from the U.S. Small Business Administration. These loans aim to offset economic losses caused by drought. Eligible businesses include small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations.
The loans have a maximum amount of $2 million and are intended to help meet financial obligations and operating expenses that would have been covered if the disaster had not occurred. Eligibility is based on the financial impact of the disaster, and not on property damage.
The interest rates for these loans are 4 percent for businesses and 2.375 percent for private nonprofit organizations. The repayment period is up to 30 years, and interest does not start accruing until 12 months after the initial loan disbursement.
Primary Louisiana parishes: Bienville, Bossier, Claiborne, East Carroll, Lincoln, Madison, Morehouse, Webster and West Carroll;
Neighboring Louisiana parishes: Caddo, Franklin, Jackson, Natchitoches, Ouachita, Red River, Richland, Tensas, Union and Winn;
Neighboring Arkansas counties: Ashley, Chicot, Columbia, Lafayette, Miller and Union; Neighboring Mississippi counties: Issaquena and Warren.
The deadline to apply for economic injury is May 28, 2024. For more information and to apply, visit the SBA's website at https://disasterloanassistance.sba.gov/ or contact SBA's Customer Service Center at (800) 659-2955.