As you assess the impact to your business from Hurricane Ida, keep in mind the ability to access capital through the Small Business Administration (SBA).
The SBA offers loans to businesses for the repair or replacement of real estate, inventories, machinery, equipment and all other physical losses. These loans cannot exceed the verified uninsured disaster loss, up to a maximum loan of $2 million.
Through Economic Injury Disaster Loans (EIDL), the SBA covers economic injury caused by a disaster. The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the $2 million. EIDL assistance is available only to entities and their owners who cannot provide for their own recovery from non-government sources, as determined by the SBA.
Both loans could provide a lower cost of capital with a debt service term of up to 30 years. For local assistance, note that the Louisiana Small Business Development Center has offices in the areas impacted by Hurricane Ida with representatives available to help in your recovery.
These locations are:
- Southeastern Louisiana University – [email protected]
- Greater New Orleans and Bayou Region – [email protected]
- LSBDC at Nicholls State University – [email protected]
The phone number for all three offices is 866.782.4159.
If you have any questions, please reach out to a LaPorte professional.