Thursday deadline to apply for disaster loans after flooding

Youngsville, LA city officials patrol neighborhoods in dump trucks to assist residents in flood areas. August 14, 2016. (Photo: SCOTT CLAUSE/THE ADVERTISER)
Youngsville, LA city officials patrol neighborhoods in dump trucks to assist residents in flood areas. August 14, 2016. (Photo: SCOTT CLAUSE/THE ADVERTISER)

BATON ROUGE, La. (AP) – Time is running out for business owners, homeowners and renters with damage from the August floods to apply for federal disaster loans.

The Louisiana Department of Economic Development says the deadline to seek the low-interest loans from the U.S. Small Business Administration is Thursday.

The loans offer money to repair property damaged by the flooding that isn’t covered by insurance or federal grant programs.

Businesses and nonprofit organizations can apply for loans of up to $2 million to repair or replace damaged property, machinery, equipment and inventory.

Homeowners can receive loans of up to $200,000 to repair or replace damaged homes, while homeowners and renters are eligible for loans of up to $40,000 to replace damaged or destroyed personal property.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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