SBA Offers Loans to Gulf Coast Spill Victims

Low-interest economic injury loans have reportedly been  made available to small firms via the Small Business Administration for Louisiana coast residents that have been hurt by the Gulf Coast BP oil spill.

The SBA is reportedly offering affected businesses 30-year loans of up to $2 million under its Economic Injury Disaster Loans program at a 4% interest rate. The April 20th spill led to a ban on fishing along Louisiana's southeast coast, and has affected potentially millions of livlihoods throught the state.  

In a letter to the SBA, Governor Bobby Jindal officially requested the loans for the thousands of commercial fishermen in six parishes that could suffer economic injury as a result of the catastrophe, reports show. In addition, the SBA has encouraged local small businesses to file claims with BP and has reportedly stated that borrowers should use any claim proceeds to help repay the SBA loans.

Small businesses began applying for the loans Thursday, and lawsuits are already being filed. The SBA reportedly had a loan reserve of $7.2 billion for its disaster assistance program.

If you have been affected by the Gulf Spill, you may be entitled to compensation under the law. The Doan Law Firm has expensive experience in negligence litigation as well as in personal injury complaints. For more information, contact the Doan Law Firm at 1 Riverway, Suite 1700, Houston, TX  77056. Phone: (713) 869-4747 or (800) 910-FIRM.