The Small Business Administration opened a Business Recovery Center in Crowley today at the former Wells Fargo Bank location on Parkerson Avenue. The center provides resources and assistance to small businesses impacted by last year’s extreme drought. Spokesperson Corey Williams says small businesses are eligible for loans to help with financial loss.
“Businesses can borrow up to two million dollars to meet working capital need. That’s whatever is necessary for who may have had some loss revenue or any kind of reduction in revenues.”
Interest rates are at four percent and does not begin to accrue until 12 months from the date of the loan disbursement.
Williams says non-profit organizations are also eligible for loans with a two-point three percent interest rate. The goal is to help meet financial obligations and operating expenses of small businesses.
“To be able to get funds from the Small Business Administration with a one year deferment, one year zero percent interest accrual, no cost to apply, no pre-payment penalties. We want to make sure we’re getting that business the help that they need.”
Services include assessing business working capital needs and a review of options to help owners evaluate their alternatives.
Williams says services are free of charge, with no appointment necessary. He says this initiative is SBA’s commitment to helping Louisiana small businesses to overcome challenges resulting from natural disasters.
“We want to make sure we’re meeting the needs of all those be it restaurant owner, food truck owner, festival director, we want to meet the needs of those who have been impacted by the severe or extreme drought.”
Williams says there are SBA offices in all 64 parishes. Small businesses can apply online at Lending.SBA.gov.
