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October 2, 2012Pulling together following a disaster is more than just a good intention in Houma. That was noted last Wednesday when American Legion Post 31 opened its doors at 601 Legion Ave. to the Federal Emergency Management Agency and Small Business Administration.
The purpose of the gathering was to assist individuals, businesses and non-profit organizations impacted by Hurricane Isaac.
“We are offering low interest loans to individuals, businesses and non-profit organizations that saw storm damage,” SBA spokesman Bill Koontz said.
The SBA disaster relief program means homeowners can borrow up to $200,000 to repair or replace a primary residence. Homeowners and renters may individually borrow up to $40,000 for personal property replacement. Each of these loan packages require collateral if the loan exceeds $14,000, but can be secured at a fixed interest rate of 1.688 percent, paid up to 30 years.
Small business disaster loans are available up to $2 million for a combination of property damage and economic loss. These loans carry a fixed interest rate of 4 percent.
Non-profit organizations such as churches, clubs or public service entities may borrow determined amounts with a fixed interest rate of 3 percent.
The SBA also offers low-interest working capital loans to businesses and organizations having difficulty meeting other financial obligations because of storm losses. Economic disaster loans in excess of $5,000 require collateral.
“The deadline to apply [for physical property damage] is Oct. 30,” Koontz said. “The economic injury deadline is May 29, 2013. It is extended because sometimes a business might not know right away what kind of losses it will have over time.”
Koontz said applicants should provide a credit history and proof of ability to repay the loan. The SBA representative said storm victims may make applications for these loans as well as FEMA compensation programs. He explained that doing so would help streamline paperwork and get an answer for victims one way or another in a shorter time period.
“The various organizations, businesses, agencies and the public have been very receptive to what FEMA has done and has to offer,” FEMA spokesman H.R. Holman said.
American Legion District Finance Officer Eugene “Skip” Pellegrin said it is not uncommon for his organization to assist the community when relief efforts arise. “As American Legion members, we see the importance of giving to the general public and I think helping FEMA and SBA like this is great,” he said. “We are veterans still serving.”
The FEMA Disaster Recovery Center at the American Legion Hall is open Monday through Saturday from 8 a.m. to 6 p.m. In addition to filing for assistance in person, applicants may register online at www.disasterassistance.gov or by calling (800) 621-3362. The TTY is (800) 462-7585.
Individuals, businesses or non-profit organizations interested in SBA loan assistance may apply in person at the Disaster Recovery Center.
They may also go online at www.sba.gov/content/current-disaster-declarations or call (800) 659-2955. The TTY is (800) 877-8339. Applications may also be filed by mail at 14925 Kingsport Rd., Ft. Worth, Texas 76155-2243.
“TEDA is thrilled that the SBA is offering such a competitive rate for businesses affected by Hurricane Isaac,” Terrebonne Economic Development Authority Community Development specialist Shannon Rhodes said. “This will allow small and emerging companies the opportunity to enhance economic growth, improve resiliency, and recover from business interruption losses.”
“We certainly appreciate not only the American Legion, but the other organizations that have opened their doors to help with the recovery effort,” Holman said.
