With the door to federal recovery aid now open, the Louisiana Association of Business and Industry is urging businesses to seek available help and has compiled a list of resources as a guide for businesses in disaster recovery mode.
“This flooding event will leave many long-term challenges in its wake,” says LABI President Stephen Waguespack. “We are currently reaching out to our members to gauge the impact and relay updated recovery and assistance information to them.”
LABI’s list of resources, which can be found online, includes the names and telephone numbers of organizations accepting donations, key contacts, a small business disaster recovery quick guide, and links to the Federal Emergency Management Agency and the Louisiana Business Emergency Operations Center.
President Barack Obama has declared East Baton Rouge, Livingston, Tangipahoa and St. Helena parishes major disaster areas, opening the door for flood victims to receive federal aid.
Maria Contreras-Sweet, head of the U.S. Small Business Administration, says businesses, regardless of size, and private nonprofits may borrow up to $2 million to repair and replace damaged and destroyed properties.
Economic Injury Disaster Loans also are available. Homeowners and businesses may also get funds to cover the cost of improvements designed to prevent and protect their property from similar disasters in the future.
Disaster loans up to $200,000 are available to homeowners, the SBA says. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 4% for businesses, about 2.6% for private nonprofit organizations and roughly 1.6% for homeowners and renters with terms up to 30 years.
