Tornado Loan Outreach Center in LaPlace closing Friday

Published 2:12 pm Thursday, May 26, 2016

LAPLACE — District Director Michael Ricks of the U.S. Small Business Administration’s Louisiana District office said the Disaster Loan Outreach Centers in LaPlace and Convent are closing Friday.

“SBA opened the centers to provide personalized assistance to Louisiana businesses and residents who were affected by the severe storms, tornadoes and straight-line winds that occurred Feb. 23-24,” Ricks said. “Until the centers close, SBA customer service representatives will continue to be available to meet with businesses and residents to answer all of their questions, explain SBA’s disaster loan program and close their approved disaster loans.”

Businesses and residents can meet with SBA representatives on the days and times indicated. No appointment is necessary.
The St. John the Baptist Parish Disaster Loan Outreach Center is located at New Wine Christian Fellowship, 1929 W. Airline Highway, operating from 8 a.m. to 5 p.m. weekdays this week.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to homeowners and businesses to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.

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.

Interest rates can be as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations and 1.813 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.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at

Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling 800-659-2955.

The filing deadline to return applications for property damage is July 5. The deadline to return economic injury applications is Feb. 6.