St. Martin Parish, LA – Following the January winter storm that disrupted local economies, the U.S. Small Business Administration (SBA) has stepped in to offer financial assistance through low-interest federal disaster loans. The move comes after requests for help and aims to support small businesses, agricultural cooperatives, nurseries, and private nonprofits that sustained financial losses as a result of the storm.
One of the businesses hit hard by the storm is The Fruit Stand, a local open-air market in St. Martin Parish. Owner Floyd Foti explained that the storm’s impact was significant, as the market had to close for three days, leading to a notable loss in revenue. “It’s very hard because it’s an open-air market, and the roads were kind of more or less shut down, so you have all that loss of business,” Foti said.
The SBA’s economic injury disaster loans (EIDLs) are available to businesses and nonprofits that experienced financial hardship due to the storm. These loans, part of the federal government’s disaster relief efforts, are intended to help entities cover fixed debts, payroll, accounts payable, and other financial obligations that became difficult to meet as a result of the storm.
The SBA’s offer of assistance follows a disaster declaration issued on February 4 by Louisiana Governor Jeff Landry. The declaration includes St. Martin Parish and other parts of Acadiana that were affected by the storm. The loans can reach up to $2 million, with terms and eligibility determined based on the applicant’s financial situation.
While many businesses, like The Fruit Stand, are evaluating their options for relief, the storm’s impact is far-reaching. Foti, who relies heavily on agricultural products for his market, expressed concerns about the long-term effects of the storm on his supply chain. “The immediate three-day issue of not being open for three days because of the snow was important, but it’s the other issues coming up that we may face—that’s my worry,” he said. “Because we rely heavily on agricultural products, is it going to hurt the products in the long run?”
Foti’s uncertainty about applying for the loan is shared by other community members, including Sylvia Poimboeuf, co-director of the St. Bernard St. Francis Food Pantry. While the food pantry did experience a brief closure due to the storm, Poimboeuf explained that their lack of payroll or physical damage meant they didn’t need the SBA loan. “We would have no need for that kind of loan. The way the storm impacted us was, we were not able to give out food that day. We don’t have any payroll or anything of that nature. None of this would take place without our volunteers,” Poimboeuf stated.
Despite concerns over the scope of the aid, many businesses are grateful for the support available. Foti acknowledged that while the EIDLs may not solve all of the challenges facing local businesses, any assistance would be appreciated. “Any kind of help that a small business can get, we really appreciate it. As you can see, several businesses are closing, so any help we can get is gonna help us give back to the community,” he said.
The SBA’s low-interest disaster loans are available until November 25, giving businesses and nonprofits time to apply for relief and begin the recovery process. As local businesses continue to assess their needs, the community remains hopeful that these loans will help them navigate the financial aftermath of the storm.