SBA to Open Recovery Centers to Aid Businesses Impacted by Bourbon Street Terrorist Attack

January 10, 2025 | From City of New Orleans

SBA to Open Recovery Centers to Aid Businesses Impacted by Bourbon Street Terrorist Attack

NEW ORLEANS - The City of New Orleans today announced that in the wake of the devastating mass casualty incident on New Years Day, the U.S. Small Business Administration (SBA) is stepping up to support the recovery of Orleans Parish and the surrounding parishes of Jefferson, Plaquemines, St. Bernard, and St. Tammany.

Businesses and nonprofit organizations across the affected parishes are encouraged to explore the assistance available through the SBA's Economic Injury Disaster Loans (EIDL) program and take advantage of in-person support at newly opened Business Recovery Centers (BRCs).

The SBA's EIDL program will offer critical financial support to small businesses, agricultural cooperatives, aquaculture enterprises, and most private nonprofit organizations. These working capital loans aim to help organizations meet ordinary financial obligations disrupted by the disaster and aid in recovery. 

KEY LOAN DETAILS: 

• APPLICATION DEADLINE: Oct. 3, 2025 

• LOAN AMOUNTS: Up to $2,000,000. This is based on an economic injury assessment. 

• INTEREST RATES: Fixed at 4.000% for small businesses, 3.625% for nonprofit organizations. 

• LOAN TERMS: Up to 30 years, determined based on financial condition and repayment ability. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement.

• ELIGIBILITY: Applicants must have an acceptable credit history and the ability to repay the loan. 

To further support recovery efforts, the SBA has opened two BRCs in New Orleans to provide direct assistance: 

Business Recovery Center - Palace Cafe (Fourth Floor) 

605 Canal Street 

Hours: Mondays - Fridays, 9 a.m. - 5 p.m.

Saturdays, 11 a.m. - 5 p.m.

Business Recovery Center - New Orleans Public Main Library

Free validated parking at 300 LaSalle St. Garage

219 Loyola Ave.

Hours: Mondays - Fridays, 10 a.m. - 5 p.m.

Saturdays 11 a.m. - 4 p.m. 

All BRCs are closed Monday, Jan. 20, in observance of Martin Luther King Jr. holiday 

To ensure comprehensive support, the SBA will guide applicants through the loan process and answer any questions about compliance, appropriate insurance coverage requirements, and other criteria. EIDL's cannot be used to refinance long-term debts or fund activities unrelated to disaster recovery. Applicants may apply online at SBA.gov/disaster or visit a BRC. Applicants may also call the SBA Customer Service Center at 800-659-2955 or email [email protected] for more information.

For people who are deaf, hard of hearing, or have a speech disability, dial 7-1-1 to access telecommunication relay services.

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