News

04.12.16

SBA Continues Flood Relief Assistance At Limited Louisiana Locations

Business Recovery Center in Monroe to remain open; Covington Business Recovery Center to convert to Disaster Loan Outreach Center

BATON ROUGE, La. — The U.S. Small Business Administration announced it will close three of the five Business Recovery Centers established in the wake of March flooding across Louisiana. Business Recovery Centers in Bogalusa, Bossier City and Hammond will close this week. The center in Covington will convert to an SBA Disaster Loan Outreach Center to begin serving homeowners, renters and businesses. The Business Recovery Center in Monroe will remain open until further notice.

The centers, which opened on March 23, were established to provide a variety of specialized support to businesses affected by recent flooding. Businesses of any size and private nonprofit organizations can be eligible to borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. So far, the Business Recovery Centers and other SBA sites operating in Louisiana have approved 698 loans totaling more than $36 million in disaster recovery assistance connected to the March floods. 

LED Secretary Don Pierson said, “The effects of these recent storms will be felt for some time, but our staff and our colleagues with the Small Business Administration have done a tremendous job in easing the burden for the families and businesses affected by flooding. Though some business recovery centers are closing, the SBA will continue to support our state and its people through its center in Monroe and the converted Disaster Loan Outreach Center in Covington. The resiliency of Louisiana’s people is strong, and we will continue work with the SBA until affected businesses are made whole and thriving once more.”

Services provided at the Business Recovery Centers include assessing business economic injury, evaluating the strength of a business, cash flow projections and, most importantly, a review of all options appropriate for the business’s situation. For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans, or EIDL, to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.

“SBA opened the business recovery centers to provide personalized assistance to Louisiana businesses that were affected by the severe storms and flooding that began March 8, 2016,” said District Director Michael Ricks of the U.S. Small Business Administration’s Louisiana District Office. “Until the centers close, SBA representatives will continue to meet with business owners to explain how an SBA disaster loan can help finance their recovery, to answer questions and to help each business owner apply to SBA. SBA representatives and Louisiana Small Business Development Center consultants will remain at the Monroe Business Recovery Center to continue to provide information on SBA disaster loans and counseling on a wide variety of matters designed to help small business owners re-establish their operations, overcome the effects of the disaster and plan for their future.

Beginning Thursday, April 14, SBA representatives will be available to meet with individuals and businesses at the converted Covington disaster loan outreach center. 

Business owners may meet with SBA representatives and LSBDC consultants on the days and times indicated below:

Monroe (Ouachita Parish)
University of Louisiana at Monroe
University Advancement Building
3601 DeSiard Street
Monroe, LA 71209
Mondays through Fridays: 8 a.m. to 5 p.m.
Open until further notice

Bossier City (Bossier Parish)
Knights of Columbus
5400 E. Texas Street
Bossier City, LA 71111
Tuesday: 9 a.m. to 6 p.m.
Wednesday: 9 a.m. to 1:30 p.m.
Center closes at 1:30 p.m. Wednesday, April 13

Hammond (Tangipahoa Parish)
Hammond Chamber of Commerce
400 NW Railroad Avenue
Hammond, LA 70401
Tuesday and Wednesday: 9 a.m. to 4 p.m.
Center closes at 4 p.m. Wednesday, April 13

Covington (St. Tammany Parish)
Greater Covington Center
317 North Jefferson Avenue
Covington, LA 70433
Mondays and Wednesdays: 9 a.m. to 4 p.m.
Center converts to Disaster Loan Outreach Center on Thursday April 14
Mondays through Fridays, 9 a.m. to 4 p.m.

Bogalusa (Washington Parish)
YMCA
411 Avenue B
Bogalusa, LA 70427
Tuesday and Thursday: 9 a.m. to 4 p.m.
Center closes at 4 p.m. Thursday, April 14