Small Business Administration Economic Injury Disaster Loans Available for Businesses Impacted by the Hard Rock Collapse

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Nov. 5, 2019

Contact: LaTonya Norton

For Media Inquiries Only
(504) 658-4962

Small Business Administration Economic Injury Disaster Loans

Available for Businesses Impacted by the Hard Rock Collapse

NEW ORLEANS — Today, Mayor LaToya Cantrell announced that the U.S. Small Business Administration (SBA) will offer low-interest federal disaster loans for working capital to small businesses economically impacted by the Hard Rock Hotel collapse and related evacuation and street closures. Small businesses and most private nonprofit organizations may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.


"I recognize the real and cascading impacts the hotel collapse has had on our community,” said Mayor LaToya Cantrell. “My administration continues to do everything in our power to help the families of the victims, the impacted residents, and the affected businesses — some of whom remain evacuated, and we appreciate their patience and cooperation during this time. I’m pleased to announce the availability of SBA disaster loans and encourage impacted businesses to apply.”


These loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing.


Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for small businesses and 2.75 percent for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.


The Louisiana Greater New Orleans and Bayou Region Small Business Development Center is offering free, personalized counseling to help affected businesses in their recovery. Businesses should call (504) 831-3730 for an appointment.


Applicants may apply online, receive additional disaster assistance information and download applications at Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.


The deadline to apply for economic injury is Aug. 5, 2020.

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