Do I Qualify?
Restore Louisiana Small Business Assistance Program
NOTE: PLEASE READ CAREFULLY
Small businesses and nonprofit organizations that were operating at the time of the flood could qualify for technical assistance, along with an interest-free loan of up to $50,000 for eligible unmet needs. In addition, 20 percent of the loan amount is forgivable if terms are met, including 5-year repayment.
To qualify for a loan, businesses must meet several other criteria, including:
- 1-50 full-time employees
- Minimum $25,000 in annual gross revenues before the flood
- Have an eligible unmet need after accounting for duplication of benefits
- Experienced either a financial or physical loss as a result of one of the 2016 floods
- Provide essential goods or services to a community, such as gas stations, locally owned restaurants, daycares, health care providers and grocery stores.
The loans can be used for working capital ‒ rent, mortgage, utilities, non-owner employee wages and inventory, among others ‒ and movable equipment. However, construction-related expenses are not eligible.
The technical assistance portion of the program will be implemented by regional Small Business Development Centers. Eligible businesses will get help with business recovery and continuity plans, financial projecting and planning, and disaster preparedness planning. Small businesses who qualify for the assistance program will be referred to Small Business Development Centers for the technical assistance portion.