Treasurer Kennedy Offers Important Information on Financial Assistance for Flooded Businesses

Press Release from Treasurer Kennedy
    State Treasurer John Kennedy today encouraged businesses impacted by the flooding to explore financial assistance with the U.S. Small Business Administration.
    "Many of our businesses did not have flood insurance. This disaster is devastating for them," said Treasurer Kennedy. "The Small Business Administration offers a life raft through low interest federal disaster loans that can be repaid over a number of years."
    Loans from the Small Business Administration fall into two categories:
    Business Physical Disaster Loans are loans to businesses to repair or replace disaster-damaged property owned by the business. Qualifying property includes real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
Economic Injury Disaster Loans (EIDL) are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
    A business recovery center now is open in Walker to give business owners the opportunity to meet with SBA workers. Business owners do not need to make an appointment or pay for the services. The center is located in Room 101 of the Literacy and Technology Center at Southeastern Louisiana University's Clausen Family Building, 9261 Florida Blvd., in Walker. The hours are 8 a.m. to 4:30 p.m. Monday through Friday.
    Business Recovery Centers also are open in Prairieville, Baton Rouge and Baker. 
    Businesses in need of assistance can call the Small Business Administration at 1-800-659-2955 or visit www.sba.gov/disaster. FEMA does not give grants to businesses. However, FEMA is a referral agency for disaster relief. To contact FEMA, call 1-800-621-3362.