The Louisiana businesses and homeowners will be given disaster loans to overcome losses due to ‘Hurricane Isaac’. The SBA approved $63 million in disaster loans to Louisiana as federal disaster help. The fund can be used by businesses, private organizations, homeowners and renters to overcome losses due to disaster storms.
Individuals and businesses that have sustained damages caused to property should get themselves registered with the ‘Federal Emergency Management Agency’. Then they can find disaster loans to overcome losses. The loan amount can extend up-to $200,000 to homeowners with which they can repair destroyed primary residence. For renters, the loan amount can extend up-to $40,000 so that reparation of damaged personal property can be executed. For business owners and non-profit organizations, loan amount can vary up-to $2 million. The sum can be used to meet company requirements like overcoming property damages, financing purchase of equipments and machinery, buying inventory, and similar business assets.
The SBA can make additional funds available so as to help businesses and homeowners. It will help to prevent disaster damages whenever disaster storms strike in future again. Michael Ricks, SBA District Director, says that SBA approved $60 million to 1,865 residents and $3.2 million to 90 businesses in Louisiana.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com