Small Business Loan ProgramRESTORE LOUISIANA
The Small Business Loan Program is a lending program to assist disaster-impacted small businesses with non-construction expenses. The purpose of this program is to aid in the recovery of small businesses located in eligible areas that were affected by Hurricanes Laura, Delta, Ida and/or the May 2021 Severe Storms.
The state will provide program assistance to eligible businesses and/or non-profit organizations through participating non-profit lenders, who will implement and administer a lending program to assist impacted businesses and non-profits. The state will enter into subrecipient agreements with implementing partners including local community development organizations such as non-profits, community development financial institutions, local credit unions and other eligible organizations.
The application period is from May 1, 2023 to December 31, 2023. If you need assistance or have questions about the submission process, contact Jeffrey Tyler at email@example.com or call (318) 855-0681.
Are You Eligible?
Eligibility for Small Businesses
To receive assistance through the Small Business Loan Program, one of the program’s participating lenders in your area will need to submit an application for the loan on your behalf.
To qualify for a loan, businesses must meet the following criteria:
- 1-50 full-time employees (35 hours or more per week)
- Open at the time of the disaster event (meaning the business was in operation)
- Minimum $25,000 in annual gross revenues before the disaster event
- Located in one of the parishes eligible for program participation, shown here (PDF).
- Experienced either a financial or physical loss as a result of one of 2020-2021 disaster events
- Have an eligible unmet need after accounting for duplication of benefits
Download the application packet to get started. For more information on program guidelines, visit restore.la.gov/SBLP.
Terms for Small Businesses
- 0% interest rate; 60% of the loan amortized over 7 years; no principal repayment for the first 6 months
- 60% repayable and 40% forgivable (if requirements are met)
- Loans from $10,000 to max of $150,000
Eligible uses include working capital, equipment, and furniture.