The U.S. Small Business Administration is reaching out to flood-impacted business owners, homeowners and renters to assist in securing low-interest federal loans that could cover the cost of repairing or replacing property or reducing the economic injury a business sustained due to lost revenue during the floods that started two weeks ago.
Cynthia Cowell is dispatched to disaster sites nationwide as a public information officer with the SBA’s Office of Disaster Assistance.
“When you’re registered with the Federal Emergency Management Agency, as soon as possible, put in your SBA application. They’re processed first come, first served. We may be able to get your money to you faster than your insurance can, and then your insurance money would be used to pay off or pay down your loan,” Cowell said.
Businesses and private nonprofits may borrow up to $2 million to repair or replace their assets. Disaster loans up to $200,000 are offered to homeowners to repair or replace real estate. In addition, homeowners and renters are eligible for up to $40,000 to replace personal property.
Cowell encourages flood victims to fill out the application, even if they decide later they don’t need the money. She says a loan can be easily modified.
“A lot of people are hesitant to take on a loan, especially nowadays when things are so dicey. It’s very important. The low rate for an SBA loan for homeowners and renters is a little over 1.8 percent, and that’s very, very low,” Cowell said.
The deadline is May 12, 2016 for physical damage disaster loans, and Dec. 13, 2016 for businesses that sustained economic injury. The disaster recovery center in Bossier City is open daily at 5850 Shed Road. In addition, a business recovery center is set to open tomorrow at the Knights of Columbus, 5400 East Texas Street in Bossier City.
For more information, applicants may contact SBA's Disaster Assistance Customer Service Center at 800-659-2955, email disastercustomerservice@sba.gov, or visit SBA's website at www.sba.gov/disaster. Deaf and hard-of-hearing individuals may call 800-877-8339.
