Raenada Mason with the U.S. Small Business Administration says there are loans to assist homeowners, renters, businesses and non-profits who have been impacted by the flooding Acadia Parish experienced a few weeks ago.
“This stems from damages and severe storms that took place between March 29 and April 2,” said Mason.
Mason says assistance is available for homeowners and renters at a small interest rate starting at 2.75% with up to $500,000 for homeowners, and up to $100,000 for renters. She says businesses and non-profits can qualify for up to $2 million dollars that can go towards repairs with an interest rate starting at 4% for businesses and a little less for non-profits.
“Across the board, we have up to 30-year loan term,” said Mason. “There is a one-year deferral and during that deferral, there’s no interest accrual. So you can begin your rebuild, you’re repairing your rebuilding process without having to worry about paying back that loan for another year.”
Mason says the assistance does not only apply to individuals in Acadia Parish. She says other parishes can apply for economic injury assistance and those parishes include Jeff Davis Parish, Vermillion Parish, Lafayette Parish, Evangeline Parish and St. Landry Parish.
“We also have surrounding parishes that we consider to be contiguous parishes that did not receive any physical damage,” she said. “However, the businesses and the non-profits in that area may have seen a loss in revenue for economic injury.”
More information can be found here.
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