The state's Restore program has extended the application deadline and expanded loan limits for small businesses and nonprofits affected by the 2016 floods.
Under the changes by Gov. John Bel Edwards’ Office of Community Development, interest-free loans available through the program now range from $10,000 to $150,000. The previous range was $20,000 to $50,000.
The deadline is now Oct. 31 for flood-impacted small businesses and nonprofits to submit loan applications to participating lenders.
The program is designed to help eligible businesses in the 51 parishes impacted by the March and August 2016 floods. If borrowers comply with all requirements, the loans are interest free, and 20 percent of the loan is forgiven when 80 percent of the principal is repaid.
The loans can be used for working capital, including rent, mortgage, utilities, non-owner employee wages and inventory, and movable equipment. Construction-related expenses are not eligible.
Information, eligibility requirements and lenders are available at
Eligible borrowers are also referred to a local office of the Small Business Administration’s Small Business Development Centers. The centers offer technical expertise with business recovery and continuity plans, financial projecting and planning, and disaster preparedness planning.