Since the start of the Lafayette Consolidated Government (LCG) and the Lafayette Economic Development Authority's (LEDA) Business Recovery Program, 28 small business owners financially affected by the COVID-19 pandemic have received $187,494 in forgivable loans. Financial assistance helps retain and create jobs and stabilize local businesses.
The program benefits for-profit businesses in Lafayette Parish, with LCG's Department of Community Development securing $752,000 in Community Development Block Grant funds allocated through the CARES Act. LEDA provided an additional $200,000.
The program allows business owners to apply for a forgivable loan up to $10,000. Funds are used for, but are not limited to, operational expenses such as rent, payroll, insurance, benefits and utilities.
The Department of Community Development will continue to process applications until Lafayette Business Recovery funds are expended.
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