Restore La. Small Business Loan Program extends application deadline through June

Special to the American Press

The Restore Louisiana Small Business Program is extending the deadline for businesses and non-profits to apply for assistance through June 30, 2024. The program provides partially forgivable, zero percent interest loans for non-construction expenses to eligible small businesses and non-profits affected by eligible 2020-21 disaster events.

Four partner lenders throughout Louisiana administer the loan program; however, businesses and non-profits who apply during the extension need to submit their application to the South Central Planning and Development Commission, which is the sole loan provider during this period.

“We are thrilled to be able to extend the application period for small businesses and non-profits in need of loan assistance so we can continue to revitalize, recover and grow Louisiana’s local economies following the 2020-21 disaster event,” OCD Executive Director Pat Forbes said. “Our hope is that as many local businesses as possible are made aware of the program and apply for assistance before the extended June deadline.”

To qualify for a loan, businesses and non-profits must meet the following criteria:

1-50 full-time employees (35 hours or more per week);

Open and in operation at the time of the disaster event;

Minimum $25,000 in annual gross revenues before the disaster event;

Located in one of the parishes eligible for program participation;

Experienced either a financial or physical loss as a result of one of 2020-2021 disaster events; and

Have an eligible unmet need after subtracting any duplication of benefits (see program guidelines).

Additional information on submitting an application and program guidelines is available at restore.la.gov/SBLP.

To receive technical assistance with the application, businesses can contact the Louisiana Chamber of Commerce Foundation by calling 504.913.7952 or emailing programs@labizspeaks.org.

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. In total, HUD has allocated more than $3 billion in Community Development Block Grant – Disaster Recovery funds to the state for long-term recovery efforts for Hurricanes Laura, Delta and Ida and/or the May 2021 Severe Storms.

Information on all Restore Louisiana recovery programs can be found at restore.la.gov.

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