Many residents and businesses affected by the recent Louisiana flooding in East Baton Rouge, Livingston, Saint Helena, Tangipahoa Acadia, Ascension, Avoyelles, East Feliciana, Evangeline, Iberia, Iberville, Jefferson Davis, Lafayette, Point Coupee, St. Landry, St. Martin, St. Tammany, Vermilion, Washington and West Feliciana parishes may find they do not have enough flood insurance or no flood insurance to cover their losses.
Accordingly, The Small Business Administration is preparing to provide assistance to Louisiana residents in East Baton Rouge, Livingston, Saint Helena and Tangipahoa parishes as a result of the storms and flooding beginning on August 11, 2016.
The SBA wants to provide affected Louisiana residents and businesses with access to federal disaster loans.
Interest rates depend on each applications financial condition, terms are up to 30 years and interest rates can be as low:
- 4 percent for businesses,
- 2.625 percent for private nonprofit organizations and
- 1.563 percent for homeowners and renters;
Businesses and private non-profit organizations may borrow up to $2 million dollars to repair or replace damaged or destroyed real estate, machinery and equipment and inventory and other business assets. Additional funding is available for mitigation.
Homeowners may borrow up to $200,000 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.
To be considered for all forms of disaster assistance, flood victims must first call FEMA at 800-621-3362. When disaster centers open, SBA agents will be available to help with loan applications.
For help with your business, homeowners, renters and automobile flood insurance claims, call Lavis Law Firm – Personal Injury & Accident Attorney and ask for Charles Lavis. We have an offices in Baton Rouge and New Orleans. If you are not available to meet at the New Orleans or Baton Rouge office, we may be able to meet you at your damaged property address.