Low-interest federal disaster loans are now available to Louisiana businesses and residents as a result of President Biden’s major disaster declaration.
U.S. Small Business Administration’s Administrator Isabella Casillas Guzman said the declaration covers Ascension, Assumption, East Baton Rouge, East Feliciana, Iberia, Iberville, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, St. Bernard, St. Charles, St. Helena, St. James, St. John the Baptist, St. Martin, St. Mary, St. Tammany, Tangipahoa, Terrebonne, Washington, West Baton Rouge, and West Feliciana parishes as a result of Hurricane Ida.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate, and homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates will be as low as 2.855 percent for businesses, 2 percent for private nonprofit organizations and 1.563 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
To be considered for all forms of disaster assistance, applicants must first contact the Federal Emergency Management Agency at www.disasterassistance.gov.