Support for small businesses through low-interest disaster loans.
The SBA has announced low-interest federal disaster loans for small businesses affected by the January winter storm in Louisiana, Mississippi, and Texas. Eligible businesses, cooperatives, and nonprofits can apply for loans up to $2 million with favorable terms. A Virtual Business Recovery Center will assist applicants starting February 7, 2025, amid a looming application deadline of November 25, 2025. This loan initiative offers critical support for local economies to recover from the recent disaster.
Hey, folks! If you’re part of the small business community in Louisiana, Mississippi, or Texas and were hit hard by that winter storm from January 21 to January 24 of this year, there’s some good news coming your way! The U.S. Small Business Administration (SBA) has stepped up to the plate and announced that low-interest federal disaster loans are now available for those who experienced financial difficulties thanks to the storm.
This announcement stems from a disaster declaration that Louisiana Governor Jeff Landry requested just a few days after the storm on February 4, 2025. The declaration covers tons of areas in Louisiana, including:
Now, this important initiative is targeted specifically towards small businesses, small agricultural cooperatives, nurseries, and private nonprofits that found themselves in financial tough spots due to that storm. Whether or not you experienced physical damage to your operation, you could still be eligible for help through the SBA’s Economic Injury Disaster Loan (EIDL) program.
So, how much can you actually get from these loans? Well, hold onto your hats because you can potentially receive up to $2 million! With interest rates set at 4% for small businesses and 3.625% for private nonprofits, this is a great opportunity to help get your operations back on track.
The loan terms can stretch up to an impressive 30 years, and payments can be deferred for 12 months from the first disbursement. The exact amount and terms for loans will be determined by the SBA based on your specific financial situation.
If you’re feeling a little overwhelmed by the application process, don’t fret! Starting February 7, SBA customer service representatives will be available at a Virtual Business Recovery Center to help you navigate through this. They’ll be available Monday through Friday from 8:00 a.m. to 4:30 p.m. PST, though keep in mind, they will be closed on President’s Day, February 17.
Should you need to reach out for more assistance, you can email FOCWAssistance@sba.gov or give them a ring at (916) 461-7673.
If you think you’re eligible, make sure to submit your application promptly as they will be processed in the order they are received. Just a heads up, the deadline for submitting economic injury applications is November 25, 2025!
You can easily complete an online application at SBA.gov/disaster. Good luck, everyone! We hope this opportunity helps you bounce back and thrive without the worry of financial strain.
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