Access to capital is one of the greatest hurdles for many business owners, especially small business owners. Entrepreneurs are often forced to turn to creative and nontraditional solutions to keep their businesses operating. In light of this, the Restore Louisiana Initiative, which operates several disaster recovery programs has created a 0% interest 40% forgivable loan for small businesses and private nonprofits who are still recovering from the effects of two of the
largest storms the area has seen in recent years. The program seeks to revamp traditional disaster recovery assistance recognizing that economic impacts can be felt for many years.

The program has expanded to include all eligible businesses in the following parishes: Acadia, Iberville, Iberia, East Feliciana, Grant, Jackson, La Salle, Lincoln, Morehouse, Point Coupee, Sabine, St. Landry, St. Martin, Union, West Baton Rouge, West Feliciana, and Winn.

Businesses only have until May 31, 2024 to apply and are encouraged not to wait until the last minute. Awards (Loans) range from $10,000 to $150,000 and can go up to $250,000 by approved exception. Eligible businesses must have 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 also had to have been open at the time of the disaster event; experienced a financial or physical loss as a result of the disaster. The award can be used to pay monthly rent or mortgages; employee wages and benefits; utilities; inventory; and moveable equipment. The loan will be set up over a 7-year term at 0% interest. It’s free to apply and there are no closing fees. Eligible borrowers would not have to pay back 40% of their awarded amounts once 60% of the loan is repaid and they meet eligible requirements.

Applicants can check additional eligibility guidelines and apply online at www.scpdc.org, call 1-800-630-3791 for inquiries, or call for an appointment.