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Oct. 31 Deadline approaching for Restore La. Small Business Prog - KATC.com | Continuous News Coverage | Acadiana-Lafayette

Oct. 31 Deadline approaching for Restore La. Small Business Program

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Gov. John Bel Edwards' Office of Community Development reminds small businesses that the deadline to apply for a loan through the Restore Louisiana Small Business Program is Oct. 31.

The program offers interest-free, partially forgivable loans to businesses impacted by the 2016 floods. Loan amounts range from $10,000 to $150,000.

Flood-impacted small businesses and nonprofits interested in a loan are encouraged to apply immediately through one of the participating lenders.

The Small Business 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 ? rent, mortgage, utilities, non-owner employee wages and inventory, and movable equipment. However, construction-related expenses are not eligible. A list of eligibility criteria is available here.

In addition, eligible borrowers are 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.

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