The U.S. Small Business Administration (SBA) has announced that low-interest federal disaster loans are now available for small businesses and private nonprofit organizations in Louisiana, Mississippi, and Texas affected by the winter storm that occurred from January 21 to January 24, 2025. This follows a disaster declaration requested by Governor Jeff Landry on February 4.
The areas impacted by this declaration include:
Louisiana Counties:
– 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
– West Baton Rouge
Mississippi Counties:
– Amite
– Pike
Texas Counties:
– Newton
– Orange
Small businesses, small agricultural cooperatives, nurseries, and private nonprofits that suffered financial losses due to the storm can apply for the SBA’s Economic Injury Disaster Loan (EIDL) program. These loans provide vital working capital, even for businesses that did not incur physical damage. Funds can be used to cover expenses like fixed debts, payroll, and accounts payable.
Loan amounts can reach up to $2 million, with interest rates of 4% for small businesses and 3.625% for private nonprofits. Loan terms can extend to 30 years, with payments deferred for 12 months from the date of the first disbursement. The SBA will assess loan amounts and terms based on the applicant’s financial situation.
Starting February 7, SBA customer service representatives will be available at a Virtual Business Recovery Center to assist applicants with the loan process. The center will operate Monday through Friday from 8:00 a.m. to 4:30 p.m. PST. For further assistance, individuals can email FOCWAssistance@sba.gov or call (916) 461-7673. Please note that the center will be closed on President’s Day, February 17.
Applicants are encouraged to submit their applications as soon as possible, as the SBA will process them in the order received. To apply online, visit SBA.gov/disaster.
The deadline for submitting economic injury applications is November 25.
