Small businesses in LaSalle Parish might be eligible for a 0% interest-up to $250,000, with up to 40% forgivable, as part of the Louisiana Office of Community Development’s Restore Louisiana program.

Criteria is the business must have been affected by the 2021 Hurricane Laura and/ or the 2020 Hurricane Delta.

According to Thomas Watkins, Jr., field manager for Restore Small Business Loan Program, eligibility for the program is rather simple.

“The business must have been affected by one of the two hurricanes that impacted LaSalle Parish and the business must have experienced either a financial decline of 20% due to the disaster or a physical loss of at least $10,000,” Watkins said. “The business must also have a minimum of one full time employee and no more than 50 full time equivalents.”

He noted the loans are for both for-profits and non-profits but all businesses must have had a minimum of $25,000 in annual gross revenues before the disaster event.

“The business must also have an eligible unmet need after accounting for duplication of benefits and must either be currently operating or demonstrate the ability to reopen upon receiving program assistance,” he continued. “The business must have been open during the time of the disaster, meaning the business was in operation.”

Also in order to qualify, the business must provide proof that it experienced $10,000 in physical damages or 20% annual gross revenue decline as a result of the hurricane(s).

The loan terms include: 0% interest; no payments for six months; 7-year loan term; loans from $10,000-150,000 (an exception may allow up to a maximum award of $250,000); 40% loan forgiveness if the borrowers comply with closing program requirements – then 40% of the loan may be forgiven when 60% of the principal is repaid; and no closing or application fees.

Money may be used for the following: monthly rent/mortgage payments; monthly wages and benefits; monthly utilities payments; monthly inventory; and moveable equipment.

The deadline to apply for this loan is December 31, 2023.

To apply for the loan, visit www.scpdc. org or call 1-800-6303791.

LaSalle Economic Development District Executive Director Cynthia Cockerham, who is familiar with the loan program, also said that she will be happy to assist those needing more information and if enough LaSalle Parish business owners are interested, a local meeting may be set up.

Cockerham may be reached at (318) 3740117.