SBA: $50M Approved for Louisiana Storm Victims

The U.S. Small Business Administration says it has approved more than $50 million in low-interest loans to Louisiana homeowners, renters and businesses that suffered damages in September 2008 hurricanes.

The SBA is the federal government’s main source of funds for aiding in the long-term rebuilding of disaster-damaged private property. Loans of up to $200,000 are available to help homeowners repair or rebuild storm-damaged homes. Up to $40,000 is available to help renters and homeowners fix or replace damaged or destroyed personal property.

SBA also provides loans of up to $2 million for storm-affected businesses and private, nonprofits.