Post storm loans available for area

The U.S. Small Business Association is offering low-interest disaster loans to residents and businesses of areas impacted by Hurricane Gustav.

Iberia, St. Martin and St. Mary parishes are included in the federal disaster declaration and as such can take advantage of these recovery aids.

Kevin Wynne, communications specialist with SBA stationed at the Baton Rouge disaster recovery center, said the money is loaned to homeowners, renters and businesses of all sizes.

“People come in to one of the centers or apply online,” Wynne said. “We usually have a  21-day turnaround time looking at their repayment ability and credit history.”

Wynne said home disaster loans are granted to homeowners and renters to repair or replace disaster damaged real estate or personal property. Business physical disaster loans are granted to businesses to repair or replace disaster damaged property. Businesses of any size are eligible.

Economic injury disaster loans are working capital loans to help small businesses and non-profit organizations meet their ordinary and necessary financial obligations.

Interest rates on SBA loans are low, Wynne said, often as low as 2.875 percent for homeowners and renters and 4 percent for businesses with repayment terms as long as 30 years.

Kelly Godby, resource manager for FEMA, said six recovery centers in Louisiana offer SBA loan applications. The closest center to the Teche Area is in Houma at the Houma Terrebonne Civic Center. Residents interested in learning more about the recovery aid can visit the SBA Web site at www.sba.gov.