BATON ROUGE, La. — The primary source of money for rebuilding after a disaster is low-interest loans from the U.S. Small Business Administration (SBA). SBA loans can help survivors in Livingston and Orleans parishes recover from the Feb. 7 tornadoes that devastated their communities.
The SBA provides low-interest disaster loans of up to $200,000 for the repair of a primary residence; up to $40,000 for homeowners and renters to replace personal property; and up to $2 million for businesses and most private nonprofits for physical damage and economic injury.
SBA loans are available to homeowners, businesses, renters, landlords and most private nonprofits, including places of worship. SBA representatives provide one-on-one assistance through the entire disaster loan process.
To prevent survivors’ potential loss of funding for recovery, state and federal recovery officials encourage the prompt submission of SBA disaster loan applications. If a loan is approved, applicants are under no obligation to accept it.
If the SBA cannot offer a loan, applicants may be referred to FEMA for other potential grants. The grants may pay for damaged furniture, appliances and vehicles.
Learn more by visiting sba.gov/disaster or call 800-659-2955 or TTY 800-877-8339.