SBA taking applications for low-interest disaster loans for August 5 floods

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Flooding on Dumaine Street near Bayou St. John

NEW ORLEANS – Business owners, homeowners, and renters affected by the torrential rains and flooding that swamped much of the city on August 5 can now apply for Small Business Administration disaster loans.

Businesses and nonprofit organizations can apply for up to $2 million, while homeowners can borrow up to $200,000, and renters are eligible for up to $40,000.

Those recovery funds have to be used to repair and replace damaged or destroyed property, inventory, machinery, or other business assets, according to the SBA.

Businesses are also eligible for Economic Injury Disaster Loans regardless of whether or not property damage occurred.

The low-interest federal disaster loans, which are administered by the SBA, are intended to help people get back on their feet after damaging storms.

This set of loans has been specified for damages incurred between August 4 and August 6, 2017, according to the SBA.

A Disaster Loan Outreach Center has been open in the Mid City Library at 4140 Canal Street since Aug. 23.

The center will be taking applications Monday through Thursday from 10 a.m. to 7 p.m. through September 14.