The Restore Louisiana Small Business Program, which offers loans to businesses impacted by the 2016 floods, will no longer be accepting applications after Wednesday, the Louisiana Office of Community Development said in a news releases issued late Friday.
Businesses in the 51 parishes affected by floods in March and August of 2016 that meet eligibility requirements can apply for loans ranging from $10,000 to $150,000. That money can be used towards "working capital," including the payment of rent, mortgage, utilities, non-owner employee wages and inventory, but not construction-related expenses.
So far, the program has provided about $11 million in loans, which are interest-free and partially forgivable. If borrowers meet program requirements, 40 percent of the loan is forgiven.
More information on the five lenders, including coverage areas, office locations, requirements and applications, is available at restore.la.gov/small-business-program-detailstimeline/.