The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Louisiana about the approaching deadline to apply for federal disaster loans. These loans are intended to offset economic losses caused by severe weather and a tornado that occurred on May 13, 2024. The deadline for applications is March 17, 2025.
The disaster declaration includes the parishes of Assumption, Iberia, Iberville, Lafayette, Pointe Coupee, St. Landry, St. Martin, and St. Mary.
Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofits that experienced financial losses directly related to the disaster. However, the SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers unless they are small aquaculture enterprises.
EIDLs are designed for working capital needs caused by the disaster and can be used even if there was no physical damage to the business or nonprofit organization. The loans may cover fixed debts, payroll expenses, accounts payable, and other bills that could have been paid if not for the disaster.
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. Terms can extend up to 30 years. Interest does not accrue until one year after the first loan disbursement date.
Applications can be submitted online at SBA.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
Completed loan applications must be submitted by March 17.