The U.S. Small Business Administration is trying to spread the word throughout south Louisiana that its disaster recovery loan program is up and running for victims of Hurricane Laura and is accepting applications for its low-interest loan through a virtual outreach center.
Though the Capital Region was spared the ravages of the storm, many victims of the hurricane are staying in the Baton Rouge area and cannot go home because the infrastructure in the affected areas was so badly damaged.
“So many people are staying here and in New Orleans and in between, we want to make sure we make them aware of the program so we can help them recover as quickly as possible,” says Susheel Kumar, a public information officer with the SBA.
Local victims of the 2016 floods might remember the many SBA centers that opened in Livingston, Ascension and East Baton Rouge parishes in the immediate aftermath of the disaster. This year, because of the pandemic, the entire program is being conducted virtually.
Before victims can apply to the program, they have to first register with FEMA and receive a nine-digit ID.
Once they receive the ID number, they can apply for the loan program on the SBA portal.
Over the weekend, more than 57,400 victims registered with FEMA. So far, 34,113 homeowners and renters have applied for the SBA loans. Another 5,800 businesses have applied for the program.
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.
Businesses can borrow up to $2 million.
Interest rates can be as low as 3% for businesses, 2.75% for nonprofit organizations and 1.18% for homeowners and renters with terms up to 30 years.
Kumar encourages victims to apply for the program now, even if they ultimately decide not to take advantage of it.
