The Restore Louisiana Small Business Assistance Program is open for flood-impacted local businesses that provide essential goods or services, such as grocery stores, pharmacies, health care providers, daycares and restaurants, among others, until June 30.
After June 30, the program will be expanded to include all 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 from mid-July through the end of the year to eligible small businesses in the 51 disaster-declared parishes. The program application, guidelines and lenders are found here.
Following June 30, the program opens to all small businesses that meet eligibility requirements. Those 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: June 14, 2017