Anyone affected by the flooding in Louisiana may be eligible for low interest loans from the SBA. It is meant to help those with property and economic damage not covered by flood insurance. This may be the biggest federal program to help you rebuild - and even if you do not need a loan it is worth considering because of the interest rates. The deadline for applying for loans to help with physical damage is October 13, 2016.
If you own your house and it was damaged, you may be eligible for a low interest loan of up to $200,000 to help with repairs and rebuilding. If you have credit available elsewhere, your interest rate will be 3.125%. If you cannot get credit elsewhere, your interest rate will be 1.563%. These interest rates are significantly better than carrying a credit card balance, and probably beat the market rate for home equity loans. You also may be able to refinance your existing mortgage with this program.
Whether you own or rent, you may be eligible for a low interest loan of up to $40,000 to help fix or replace personal property damaged or destroyed in the flooding, such as furniture and clothing. If you own a business that was damaged, you may be eligible for additional loan programs of up to $2,000,000 to get your business back on its feet.
SBA representatives are physically present in Louisiana to help answer questions and accept applications. They are located at these locations and times. You can also read more about SBA disaster loans here or on the SBA website.