BATON ROUGE - Governor John Bel Edwards announced Thursday that nearly a half-million small businesses in the state are eligible for SBA loans up to $2 million.

SBA Administrator Jovita Carranza confirmed to the state government that Louisiana’s more than 440,000 small business are eligible to apply for low-interest federal disaster loans, which will be made available to eligible firms taking an economic hit because of the coronavirus. 

“COVID-19 is a unique crisis affecting all walks of life, and that means Louisiana’s small business community will continue to be heavily impacted by disruptions to their operations,” Governor Edwards said. “We are pleased to work with SBA and the federal government in providing this critical working capital to our small business owners who are suffering from the necessary measures installed due to the Coronavirus. Our hope is that these SBA disaster loans will be an important part of sustaining their businesses and providing support to their employees who make up over half of Louisiana’s private-sector workforce.” 

Impacted small businesses may apply for up to $2 million in working capital to pay for fixed debts, payroll, accounts payable and other bills that can’t be paid because of the COVID-19 disaster. Loan terms (3.75 percent interest rate for small businesses; 2.75 percent for nonprofits) may be extended up to 30 years to keep payments affordable. 

More details can be found here: https://www.sba.gov/funding-programs/disaster-assistance