Urban League Hosts Meeting About SBA Disaster Loans
NEW ORLEANS – The Urban League of Louisiana’s Center for Entrepreneurship & Innovation will host a community meeting on Tuesday, Feb. 18 at the Saenger Theatre to share information on Economic Injury Disaster Loans, including eligibility requirements, terms, and the application process.
The U.S. Small Business Administration (SBA) has approved assistance through low-interest federal disaster loans to New Orleans businesses affected by the Hard Rock Hotel collapse which occurred on October 12, 2019. Impacts to businesses near the structure are expected to continue well into 2020 due to street closures, structure stability, debris and clean up.
The SBA Economic Injury Disaster Loan (EIDL) declaration covers Orleans Parish, along with Jefferson, Plaquemines, St. Bernard and St. Tammany parishes because they border Orleans Parish.
If you have suffered substantial economic injury and are one of the following types of businesses located in a declared disaster area, you may be eligible for an SBA Economic Injury Disaster Loan (EIDL):
· Small Business
· Small agricultural cooperative
· Most private nonprofit organizations
Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for small businesses and 2.75 percent for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.
SBA subject matter experts from the Office of Disaster Assistance Field Operations Center West and the SBA Louisiana District Office will be on hand to provide guidance on the application process and provide information on disaster preparedness and recovery. Representatives from the Urban League of Louisiana’s Center for Entrepreneurship & Innovation and the Louisiana Small Business Development Center – Greater New Orleans & Bayou Region will be available to connect with in order to schedule one-on-one assistance.
There is no cost to attend and this meeting is open to all small business owners who wish to learn more about Economic Injury Disaster Loans. Seating is limited. Click here to register.