Washington, Jan. 04, 2025 (GLOBE NEWSWIRE) -- In response to the request from Louisiana Gov. Jeff Landry, the U.S. Small Business Administration (SBA) announced that small businesses and private nonprofit organizations (PNPs) in Louisiana may now apply for federal disaster loans to offset economic losses caused by the mass casualty incident that occurred in the French Quarter of New Orleans on Jan. 1. The disaster declaration includes the parishes of Jefferson, Orleans, Plaquemines, St. Bernard and St. Tammany.
“The SBA joins the entire federal family in grieving the lives lost in this horrific attack and praying for those who were injured,” said SBA Administrator Isabel Casillas Guzman. “As New Orleans and the wider community mourn and begin the healing process for this devastating tragedy, the SBA, in collaboration with state and local partners, stands ready to support and help provide disaster assistance to businesses suffering economic impact – including the small businesses than make neighborhoods like the French Quarter so vibrant.”
Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, small aquaculture enterprises, and PNPs that suffered financial losses as a direct result of this disaster. EIDLs offer working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
The loan amount can be up to $2 million with interest rates of 4% for small businesses and 3.625% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
Under the Biden-Harris Administration, the SBA has simplified the process for an SBA disaster declaration and expanded available financial relief available, allowing the agency to more quickly provide greater affordable disaster loans and assistance to the small businesses that are the backbone of our communities nationwide.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to apply for economic injury loans is Oct. 3, 2025.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
SBA HQ Press Team U.S. Small Business Administration press_office@sba.gov
