More people encouraged to apply for SBA loans

Published: Oct. 27, 2021 at 2:39 PM CDT
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BATON ROUGE, La. (WAFB) - Hurricane Ida swept through south Louisiana two months ago and many are still waiting for help rebuilding.

Rick Tillery with the Small Business Administration (SBA) said more than 45,000 people have already applied.

“We really want to make sure that everybody who needs help is helped, and to do that, we need to make sure that people who may have damage get in and get applied for an SBA disaster loan,” explained Tillery.

But for those of you who have not applied, and were not planning on it, Tillery said there might be options you haven’t considered yet.

“FEMA has what’s called Other Needs Assistance grants and you can’t qualify for those unless you’ve applied with the SBA and been declined, so even if you think you won’t get an SBA loan, you really should go through the process anyway so you can be referred back to FEMA for other needs assistance,” added Tillery.

RELATED: Deadline to apply FEMA disaster assistance and SBA extended to Nov. 29

You can also apply for mitigation assistance, which Tillery said can be used for things like hardening your roof or raising your home.

“It’s really all about time and we want to make sure that everybody has equal access to be able to apply for these programs,” said Tillery.

He added for most people, it takes about five weeks to get the money.

The interest rates for SBA loans are what makes their loans attractive to most people, according to Tillery.

“If you’re going to repair your home using a credit card, what’s that interest rate, 15 percent, 18 percent? Some are 26.9 percent. Looking at that versus the 1.5 percent, it really makes sense to take advantage of this program to be able to get your house back in order to what it was before the disaster,” he said.

Apply for an SBA Loan

When you apply, make sure to have your ID, proof of residency, insurance information, and bank information available.

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