SBA approves disaster loans for tornado victims after FEMA denial

SBA approves disaster loans for tornado victims after FEMA denial

BATON ROUGE, LA (WAFB) - Three parishes still recovering from damage caused by tornadoes have been approved for disaster assistance loans from the Small Business Association, Gov. John Bel Edwards announced.

"After meeting the families and seeing the devastation left in the wake of the tornadoes that passed through these three parishes, I promised to do everything within my power to ensure that they would get access to the resources needed to rebuild," said Gov. Edwards. "My team and I are doing all we can to follow through on that promise."

The tornadoes ripped through Assumption, St. James, and St. John parishes on Feb. 23, 2016. Officials say a total of 179 homes and businesses in those areas were damaged or destroyed.

This loan comes after FEMA denied the request for emergency a major disaster declaration.

"This decision by the SBA is another step toward their recovery." Gov. Edwards said. "It is my hope and prayer that these families will be able to get back to their normal lives as soon as possible."

The type of disaster assistance allows includes:

1) Home and Personal Property Loans: If you are in a declared disaster area and are the victim of a disaster, you may be eligible for financial assistance from the SBA, even if you don't own a business.

2) Business Physical Disaster Loans: Any business or organization located in a declared disaster area and that incurred damage during the disaster may apply for a loan to help replace or restore damaged property.

3) Economic Injury Disaster Loans: If you are in a declared disaster area and have suffered economic injury regardless of physical damage, you may qualify for an Economic Injury Disaster Loan (EIDL).

Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.

The filing deadline to return applications for property damage is July 5, 2016. The deadline to return economic injury applications is Feb. 6, 2017.

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