Houma Thibodaux News

The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for small businesses and private nonprofit organizations in Louisiana affected by the January 2025 winter storm. This announcement follows a disaster declaration issued after a request from Governor Jeff Landry on February 4.

The declaration applies to several counties and parishes across Louisiana, Mississippi, and Texas, including Acadia, Ascension, Assumption, Beauregard, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Iberia, Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Orleans, Plaquemines, St. Bernard, St. Charles, St. Helena, St. James, St. John The Baptist, St. Landry, St. Martin, St. Mary, St. Tammany, Tangipahoa, Terrebonne,Vermilion Washington and West Baton Rouge in Louisiana; Amite and Pike counties in Mississippi; and Newton and Orange counties in Texas.

Eligible entities under this declaration can access the SBA’s Economic Injury Disaster Loan (EIDL) program if they suffered financial losses due to the storm. However "the SBA is unable to provide disaster loans to agricultural producers farmers or ranchers except for aquaculture enterprises."

These EIDLs are intended for working capital needs caused by the disaster and can be used even if there was no physical damage to the business premises. They may cover fixed debts payroll accounts payable and other expenses that could have been met had the disaster not occurred.

Loan amounts can reach up to $2 million with interest rates set at 4% for small businesses and 3.625% for private nonprofits over terms extending up to 30 years. The SBA assesses eligibility as well as loan amounts and terms based on each applicant's financial condition with interest accrual starting 12 months post-initial disbursement.

Starting Friday February 7 SBA customer service representatives will be available at a Virtual Business Recovery Center to assist with questions about the disaster loan program explain application procedures and help individuals complete their applications.

The Virtual Business Recovery Center operates Monday through Friday from 8:00 a.m. to 4:30 p.m PST excluding President’s Day on February 17th when it will be closed.

The SBA advises applicants to submit their applications promptly as they will be processed in order of receipt aiming for efficiency throughout the process.

Applications can be submitted online at SBA.gov/disaster or inquiries made via phone at (800) 659-2955 or email at disastercustomerservice@sba.gov For those who are deaf hard of hearing or have speech disabilities telecommunications relay services are accessible by dialing 7-1-1

The deadline for economic injury applications is November 25.