Small Business Administration Approves Funds For Isaac Loans

BATON ROUGE, La. (AP) — The U.S. Small Business Administration has approved more than $63 million in federal disaster loans for Louisianahomeowners, renters and businesses who sustained damage from Hurricane Isaac.

SBA District Director Michael Ricks tells The Advocate the agency approved $60 million in loans to 1,865 residents and $3.2 million in loans to 90 businesses and private, nonprofit organizations impacted by the disaster.

Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence.

Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Businesses of any size and private, nonprofit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

Categories: AP News