SBA Loans Are Still Available for Local Flood Victims
SBA loans are still available for local business owners and residents impacted by the June flooding across Northwest Louisiana.
SBA District Director Michael Ricks tells KEEL News the local SBA Center on Jewella will close after Wednesday, August 19, but you can still get loans after that date.
Ricks says loans are available for folks with poor credit at 2.625% interest while residents with good credit will pay 4% interest. We asked Ricks how soon you would get the money after making the loan and he told us it could be as soon as one week. But in some cases, an assessor might have to go out and validate that the amount of the loan is justified. Disaster loans for under $50,000 dollars can be unsecured.
You can file for a loan online at the SBA Website.
Ricks says this is a direct loan from the Federal Government to cover uninsured losses. He says you can apply online. The deadline to apply for physical damage loans is September 28, and the deadline is April 29, 2016 for business owners who are making a claim for economic injury.
Here's our complete interview with Ricks which will give you all the details about applying for an SBA loan: