InfoAnda - Oil Spill: Obama Administration Offers Financial Help to Louisiana Small Businesses

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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles Oil Spill: Obama Administration Offers Financial Help to Louisiana Small Businesses Email Facebook Digg Twitter Buzz Up! ShareThis May 6, 2010 11:27 a.m. EST Topics: government, politics, government departments, disaster and accident, accident, relief and aid organization, United States Tejinder Singh - AHN News Correspondent Washington, DC, United States (AHN) - The Obama administration on Thursday extended a helping hand to Louisiana Gulf Coast small businesses facing financial challenges unleashed by the April 20 Deepwater BP oil spill. The U.S. Small Business Administration (SBA) announced the agency is making low-interest loans available to those small businesses suffering financial losses following the devastating oil spill that shut down commercial and recreational fishing along the state’s southeast coast. SBA Administrator Karen Mills said in a statement, “With the region still recovering from previous devastation and the national recession of the last couple years, it’s critical that we take every step we can to provide small businesses with resources to make it through this latest crisis so they can continue to drive local economic growth and provide good-paying jobs.” “We will be in Louisiana as long as we are needed and until we get the job done,” Mills said. Mills responded to a question from AHN Media whether SBA would have acted earlier or later if the request had not come from Gov. Bobby Jindal, saying, “our mechanism is that we react to request from the governor. We got the request on Tuesday, we acted on Wednesday and here we are on Thursday (referring to the conference call with journalists).” Earlier, the SBA statement had noted that Mills acted under the SBA’s authority to offer economic injury assistance in response to a May 4 request from Gov. Jindal. The announcement makes SBA’s Economic Injury Disaster Loans (EIDL) available immediately to help meet the financial needs of qualifying small businesses following the oil spill. The deadline to apply for these loans is Feb. 7, 2011. On the question of limits, the SBA chief did not give a ceiling saying, “we have enough reserves and the maximum each (applicant) can get is $2 million.” Moreover, the announcement made small businesses in the area, who are repaying SBA disaster loans eligible for a deferment, on a case-by-case basis. The SBA statement noted that small businesses seeking a disaster loan deferment can call the SBA’s Disaster Customer Service Center at (800) 659-2955. Mills’ declaration covers the primary Louisiana parishes of Jefferson, Lafourche, Orleans, Plaquemines, St. Bernard and St. Tammany, the neighboring Louisiana Parishes of Assumption, St. Charles, St. James, St. John the Baptist, Tangipahoa, Terrebonne and Washington and the neighboring Mississippi counties of Hancock and Pearl River. Eligible small businesses include: Those engaged in shrimping, crabbing and oyster fishing in the waters affected by the closure (employees or crew members are not small businesses and are not eligible) Small businesses dependent on the catching or sale of shrimp, crabs and oysters Suppliers of fishing gear and fuel Docks, boatyards, processors, wholesalers, shippers, retailers and other small businesses dependent on revenue from fishing Recreational and sports fishing small businesses Coastal small businesses. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories Gay Pastors, Partners Reinstated To Clergy Dwyane Wade's Wife Sues Gabrielle Union Over Alleged Inappropriate Behavior Charlie Sheen Gives Up Custody Of Daughters To Denise Richards Democrats Set Back With House Appropriations Chair David Obey's Retirement Brad Pitt Calls Ex-Wife Jennifer Aniston “Pathetic” World’s Oldest Person Dies Days Shy Of Birthday Russian Court Sentences Two Men For Killing, Cooking And Eating Schoolgirl Chelsea Handler’s Sex Tape Being Shopped Around One Leak In Louisiana Oil Spill Capped; Preparations Made For Florida's West Coast Reports: Kentucky Ready To Extend Basketball Coach Calipari's Deal Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

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