Does your business still need help recovering from the March and August 2016 flooding? The Restore Louisiana Small Business Program may be able to help.
Under this program, 0 percent interest loans ranging from $10,000 to $150,000 are available to small businesses for their flood recovery efforts, KATC reports. Businesses such as construction companies, gas stations, grocery stores, healthcare and childcare providers, pharmacies, restaurants, and other services and goods providers are eligible to apply.
To qualify, your small business must have experienced at least $10,000 in physical damages or a 20 percent loss of revenue because of last year’s floods. The loans can be used for working capital—such as rent, mortgage, utilities, nonowner employee wages, inventory, and movable equipment—but not for construction-related expenses. Additionally, after Gov. John Bel Edwards instituted some changes to the program, 40 percent of the loan will be forgiven.
The application period has been extended, with the specific deadline to be announced later. For more information or to apply, visit http://restore.la.gov/.