STATE SMALL BUSINESS
CREDIT INITIATIVE
THROUGH THE
AMERICAN RESCUE
PLAN ACT
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SBA COVID RESPONSE
In response to the federally declared COVID-19 emergency, the U.S. Small Business Administration is preparing to offer designated states and territories low-interest federal disaster loans for working capital to small businesses and nonprofits suffering substantial economic injury and temporary loss of income as a result of the emergency.
Governor John Bel Edwards has made the necessary request for Jefferson and Orleans parishes at this time. Loans of up to $2 million will be available at an interest rate of 3.75% for small businesses without credit available elsewhere. Businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%. Terms of up to 30 years will be negotiated on a case by case basis and on the ability of the borrower to repay. Once a declaration is made a community will be listed on www.sba.gov/disaster where businesses can also register to apply for assistance.
For additional information, please contact the SBA disaster assistance customer service center.
Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov .