NewsCovering Louisiana

Actions

SBA loans for Hurricane Delta top $50 million

Delta remains a major category 3 hurricane as Louisiana braces for impact
Posted at 2:50 PM, Aug 09, 2021

The U.S. Small Business Administration has approved more than $50 million in federal disaster loans for Louisiana businesses and residents impacted by Hurricane Delta.

SBA has approved $2,006,900 million for businesses and $48,018,500 million for residents to help rebuild and recover from this disaster, officials say.

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.

Although the deadlines to apply for economic injury and property damage loans have expired, 45 businesses and 1,190 homeowners and renters in Acadia, Allen, Assumption, Avoyelles, Beauregard, Calcasieu, Cameron, Evangeline, Grant, Iberia, Iberville, Jefferson Davis, La Salle, Lafayette, Natchitoches, Pointe Coupee, Rapides, St. Mary, St. Landry, St. Martin, Vermilion and Vernon parishes in Louisiana; and Jefferson, Newton and Orange counties in Texas were granted SBA disaster loans.

In times of disasters, the SBA is the federal government’s primary source of money for the long-term rebuilding of disaster-damaged private property. SBA helps businesses of all sizes, private nonprofit organizations, homeowners, and renters fund repairs or rebuilding efforts and cover the cost of replacing lost or disaster-damaged personal property, officials say.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate. For small businesses and most private nonprofit organizations of all sizes, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster, officials say.