SBA Disaster Loan Program Information

The US Small Business Administration (SBA) offers low-interest, long-term disaster loans to homeowners, renters, businesses of all sizes and non-profits to repair or replace property damaged by Hurricane Ida. The interest rate for homeowners and renters is as low as 1.563% with terms up to 30 years.

Homeowners can borrow up to $200,000 to make repairs to their primary residences and renters and homeowners can borrow up to $40,000 to replace damaged contents of their homes, including furniture, appliances, and cars.

Businesses can borrow up to $2 million to repair and/or replace damaged buildings, inventory, supplies and other business assets. Businesses can also apply for economic injury disaster loans to help pay the bills they would have been able to pay had the disaster not happen.

The deadline to apply for a property damage disaster loan is November 4, 2021.  The deadline to apply for an economic injury disaster loan is June 6, 2022.

Residents impacted by Hurricane Ida should first register with FEMA. We encourage everyone referred by FEMA to the SBA to complete a disaster loan before the deadline, even if they are not sure whether they want a disaster loan or think they may not qualify. If approved for a disaster loan, the applicant has time to decide whether a disaster loan is needed. However, individuals must apply before the deadline for the disaster loan to be an option for recovery. Those that are denied a disaster loan are referred back to FEMA for any other assistance that they may be eligible to receive.  

There is no need to wait for insurance to be settled to apply for a disaster loan. A disaster loan may be received before insurance settles to get started on repairs. The insurance settlement will be used to pay down the loan and what the insurance doesn’t cover will be the balance of the loan.

Disaster loans payments may be deferred up to 18 months from the date the loan papers are signed.

Individuals and businesses can find more information and apply online at disasterloanassistance.sba.gov  They may also get one on one assistance completing their applications at a Disaster Recovery Center or Business Recovery Center. For more information about the SBA Disaster Assistance Program and for assistance with applications, call (800) 659-2955.

Flyers with additional information are available from the links below.

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