The SBA has allocated $10 million in disaster loans to assist with recovery efforts. The SBA’s recovery centers will provide resources and guidance to help businesses navigate the recovery process.
Businesses can borrow up to $2 million to repair or replace damaged real estate, machinery, and equipment. Services offered: – Assessing business working capital needs – Evaluating the business’s strength – Cash flow projections – Reviewing options The Ascension Credit Union at 2256 LA 70 will house the center. The center aims to provide financial assistance and guidance to businesses affected by natural disasters, helping them recover and rebuild.
Applicants seeking compensation for property damage due to the disaster are required to submit their applications by November 18. In contrast, those seeking reimbursement for economic injury must complete their applications by June 16, 2025. The announcement from the agency has brought clarity to the financial aspects of disaster recovery loans. It has been specified that the accrual of interest on these loans will begin only after a year has passed since the loan was first disbursed. This policy is designed to provide a more manageable repayment structure for borrowers, allowing them to focus on rebuilding and recovery without the immediate pressure of accruing interest.
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