SBA touts loan approvals

Published 11:39 pm Monday, November 10, 2008

UNDATED (AP) — The U.S. Small Business Administration has approved more than $100 million in low-interest loans to Louisiana victims of hurricanes Gustav and Ike.

Michael Ricks, SBA’s Louisiana district director, said that figure includes $89 million for homeowners and renters and $12 million for businesses and nonprofits.

Homeowners can get up to $200,000 in disaster loans to fix or replace damaged or destroyed primary residences. Homeowners and renters can get up to $40,000 for damaged or destroyed personal property.

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SBA says businesses and nonprofits can borrow up to $2 million for repairs or replacement needs.

The hurricanes affected the region in September.