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“SBA Offers Federal Disaster Loans to Louisiana's Crawfish Businesses Amid Drought Crisis"
In response to the widespread impact of extreme drought conditions on Louisiana's crawfish industry, the U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans. This initiative follows the declaration of a statewide disaster by Louisiana Governor Jeff Landry on March 6, 2024, due to the severe drought affecting the crawfish aquaculture industry.
SBA Administrator Isabella Casillas Guzman expressed the agency's commitment to swiftly and efficiently providing federal disaster loans to support Louisiana's small businesses grappling with the economic repercussions of the crawfish shortage.
The drought, which began last year, has severely affected 365,000 acres utilized by the Louisiana crawfish industry, leading to significant shortages and estimated losses of nearly USD 140 million, according to Louisiana State University's Agriculture Center.
Governor Landry emphasized the urgent need for support, highlighting the extensive impact of the drought on the state's economy and the livelihoods of crawfish farmers and related businesses.
In collaboration with federal representatives such as U.S. Representatives Clay Higgins and Troy Carter, efforts have been directed towards securing assistance for the crawfish industry. The declaration of a statewide disaster unlocks additional relief programs for the industry, recognizing its economic and cultural significance to Louisiana.
Crawfish harvesters and aquaculture businesses affected by the drought are encouraged to engage with SBA's Virtual Business Recovery Center to access information about federal disaster loans, which can aid in covering essential operating expenses such as payroll and accounts payable.
The Biden-Harris administration's commitment to providing relief for businesses impacted by climate-related challenges is underscored by the SBA's actions, offering vital assistance to small businesses navigating the repercussions of the drought.
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