Restore Louisiana Small Business Program launches flood relief initiative for business owners

Restore Louisiana Small Business Program launches flood relief initiative for business owners

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LAFAYETTE, La. (KLFY)- Good news for small business owners affected by the August floods in 2016.There is hope for those of you who are still having a hard time bouncing back.

The South Central Planning and Development Commission has been awarded funding under the state’s restore Louisiana Small Business Program.

This loan program would allow small business affected by the March and August 2016 floods to apply for zero percent interest loans for their recovery efforts.

Businesses such as grocery stores, pharmacies, healthcare and childcare providers, gas stations, construction-related companies, locally owned restaurants and other goods and service providers may qualify for zero percent interest loans if they meet certain criteria.

To qualify for these loans, a small business must have experienced at least $10,000 of physical damages or a 20% loss of revenue due to the flood events. In certain circumstances, 40 percent of the loan amount may be forgiven.

The loan funds may be used to purchase moveable equipment or for up to 6 months of monthly rent or mortgage payments, monthly utilities, monthly non-owner wages and benefits, and business inventory.

Business impacted by the 2016 Floods should contact the SCPDC restore Louisiana Small Business Program at 1-800-630-3791 or visit scpdc.org

SCPDC was chosen as one of five organizations tasked with processing on behalf of the state. So far they’ve processed nearly half of the approved applications.

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