The Restore Louisiana Small Business Loan Program has extended its deadline. Applicants are strongly encouraged to submit their applications no later than April 30, 2024, to South Central Planning and Development Commission to best guarantee that it can be reviewed, processed, and submitted to the state’s Office of Community Development by the state’s June 30th deadline. The application period began mid-2023 with an initial deadline for the end of the year 2023, but as some of Louisiana’s small businesses continue to struggle due to previous disasters, giving owners more time to get financial assistance remains a top priority. Administered by the Louisiana Office of Community Development, the loan program now serves small businesses in 48 parishes affected by Hurricanes Laura, Delta, Ida, and the May Severe Storms of 2021.
Financed through HUD, the Restore Louisiana Small Business Initiative offers 0% interest 7-year loans to ensure that small businesses and private nonprofits continue to operate in their communities. Once borrowers repay 60% of the loan and meet eligibility requirements, OCD will forgive 40% of the awarded loan amount.
“It has been hard to let business owners know about this great opportunity in the newly eligible areas,” says Cullen Curole, JD & Program Administrator. The program has expanded to the parishes of Acadia, Iberville, Iberia, East Feliciana, Grant, Jackson, LaSalle, Lincoln, Morehouse, Point Coupee, Sabine, St. Landry, St. Martin, Union, West Baton Rouge, West Feliciana and Winn.
South Central Planning & Development Commission, the sole intermediary accepting applications, encourages business owners affected by the eligible disasters to submit their applications by April 30, 2024. Small business awards range from $10,000 to $150,000, with approved exceptions up to $250,000. Eligible businesses must have employed 1-50 full- time employees, made a minimum of $25,000 in annual gross revenue before the disaster event and be located in one of the program’s eligible parishes. Businesses must have been open at the time of the di-saster, experienced a financial or physical loss because of the disaster and have an eligible unmet financial need. The loan can be used to pay monthly rent or mortgages; employee wages and benefits; utilities; inventory; and moveable equipment. The loan covers a seven-year term. There is no cost to apply and there are no closing fees.
According to Curole, “While you can apply online at www. scpdc.org, SCPDC has opened satellite offices across the state that are available by appointment with one at the Central La Regional Chamber of Commerce at 118 Third Street, Alexandria, LA 71301. Owners can call for help in identifying a nearby location, assistance with the application process, and are strongly encouraged to apply.”
Applicants can check additional eligibility guidelines and apply online at www.scpdc.org, call 1.800.630.3791 with questions, or visit one of SCPDC’s intake locations found on the site.
