The Restore Louisiana Small Business Loan Program is now accepting applications for small businesses and nonprofits affected by natural disasters in 2020 and 2021, Gov. John Bel Edwards announced today.
The federally funded lending program can cover nonconstruction expenses for eligible organizations.
To qualify for a loan, businesses must have one to 50 full-time employees; have been open at the time of the disaster; have had a minimum of $25,000 in annual gross revenues before the disaster; be in one of the program’s eligible parishes, which includes East Baton Rouge, Ascension and Livingston; experienced a financial or physical loss as a result of a 2020-21 disaster; and have an eligible unmet need.
Loan award amounts will range from $10,000 to $150,000, based on a calculation of unmet needs and eligible expenses. The state has allocated $96.1 million through the Small Business Loan Program, which is funded by the U.S. Department of Housing and Urban Development.
The state has identified four nonprofit lenders to implement and administer the lending program throughout Louisiana—South Central Planning and Development Commission, Regional Loan Corporation, NewCorp Inc., and North Delta Regional Planning and Development District.
Get more information about the loan program. Information From Baton Rouge Business Report