Nonprofit microlender LiftFund has an extra $1 million for qualified small businesses in Louisiana and five other states, courtesy of the federal government.
The U.S. Department of Housing and Urban Development earmarked the $1 million for LiftFund customers in Louisiana, Arkansas, Mississippi, Tennessee, Missouri and Alabama. Since 2009, LiftFund has granted over 950 loans totaling a combined $11.6 million in those six states.
LiftFund, formerly known as Accion Texas, also provides residents and business owners educational training sessions, group and classroom technical assistance and training on business and credit-related topics.
Including borrowers in Kentucky and Texas, LiftFund’s home state, the lender granted $25 million in new loans last year.
In Louisiana, the 20-year-old LiftFund has offices in Baton Rouge, New Orleans, Alexandria and Shreveport.