The Restore Louisiana Small Business Assistance Program opens July 1 for all flood-impacted Louisiana businesses that meet eligibility criteria.
A total of $43 million is available to eligible small businesses and nonprofits in no-interest, partially forgivable loans of $20,000 to $50,000. The money can be used for working capital, rent, mortgage, utilities, non-owner employee wages and inventory. It also can be used for repairing or replacing movable equipment and machinery, though construction-related expenses are not eligible.
If borrowers comply with program requirements, the loans are interest free, and 20 percent of the loan will be forgiven when 80 percent of the principal is repaid. In addition, program participants are referred to small business development centers for technical assistance with business recovery and continuity plans, financial projecting and planning, and disaster preparedness planning.
Loans will be distributed beginning in mid-July to eligible small businesses in the 51 disaster-declared parishes. The program application, guidelines and lenders are found here.
Applications will be accepted on a first-come, first served basis until all loan funds are used. Eligibility criteria are found here.
The Restore Louisiana Small Business Assistance Program is funded by the Community Development Block Grant Disaster Recovery Program through the U.S. Department of Housing and Urban Development. The Louisiana Department of Economic Development and other federal, state and local economic development partners, working with Gov. John Bel Edwards’ Office of Community Development, created the program.
Last modified: July 6, 2017