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Jul 19, 2012 7:15 AM by AP

La. taking applications for Katrina loan program

BATON ROUGE, La. (AP) - The state of Louisiana is accepting applications for a program offering low-interest loans of up to $5 million to businesses affected by hurricanes Katrina and Rita in 2005.

The state Office of Community Development said in a statement Wednesday that the loans are designed to address "unmet business recovery needs" and stimulate economy recovery.

Funding for 11 projects already has been approved through the "Project-Based Opportunity Program."

The loans are funded by federal grants from the Department of Housing and Urban Development.

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