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SBA can help fix Barry damage

The U.S. Small Business Administration is set up in Patterson to help people who sustained damage from Hurricane Barry.
And while the SBA is associated with business, the agency can also help home and property owners.
The Disaster Loan Outreach Center is open 9 a.m.-6 p.m. weekdays through Thursday, Sept. 26, at the Patterson Area Civic Center, 116 Cotten Road.
Other disaster centers have been set up at the Allen Parish Civic Center in Oberlin and the Avoyelles Parish Library in Marksville.
The assistance the SBA offers is in the form of long-term, low-interest loans.
St. Mary’s private property damage from Barry has been judged to be too little to qualify for familiar forms of direct grant aid administered by the Federal Emergency Management Agency. But at the request of the Governor’s Office, the Trump administration has declared St. Mary, Assumption, St. Martin, Iberia, Terrebonne and 13 other south Louisiana parishes eligible for the SBA disaster loans.
And the Small Business Administration has been doing business, said Susheel Kumar, a public information officer with the SBA’s Office of Disaster Assistance.
Seven loans totaling nearly $270,000 had been approved as of Thursday, Kumar said.
Some facts about the loans:
—Businesses may be eligible for Business Physical Disaster Loans to repair or replace damaged property, including real estate, inventories and equipment. Private nonprofits including churches and charities may also be eligible.
Businesses and eligible nonprofits may also be eligible for Economic Injury Disaster Loans to alleviate economic injury caused by the storm.
Business loans of up to $2 million are available at 4% interest for up to 30 years or 8% if other financing is available. Also, the term may be limited to seven years if financing can be obtained elsewhere.
Nonprofits may be eligible for loans at 2.76%.
Although St. Mary didn’t get the torrential rain originally forecast, Barry did cause power outages affecting nearly all the parish for up to three days.
“You’re talking about aquaculture,” Kumar said. “You’re talking about fishermen. You’re talking about inventory in freezers.”
—Homeowners may also be eligible for loans to help repair their homes and repair or replace personal property, including vehicles. The loans may be up to $200,000 for real estate and up to $40,000 for personal property.
The interest rates for home repair loans is 1.938%, or 3.875% if other financing is available.
Loans can be used for protection against future disasters, such as retaining walls or sump pumps, or even for relocation. The SBA may also be able to help with refinancing.
Applicants must have credit histories acceptable to the SBA.
The loans can only be used for uninsured losses not compensated for by other means.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Admin-istration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth TX 76155.

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