Loan program in place for small businesses affected by 2016 floods

Viewer submitted photo of Poppa's on Dat River in Milton from Kim Aucoin Tullos

The South Central Planning and Development Commission is now taking applications for the state’s Restore Louisiana Small Business Program.

Small businesses affected by the March and August 2016 flood events can apply for 0% interest loans for recovery efforts through the program.

Applicants must meet certain qualifications in order to receive funds.

To qualify for funds under the Restore Louisiana Small Business Program, a small business must have received $10,000 “out of pocket” physical damages OR experienced a 20% loss of revenue due to the flood events.

To rebuild impacted communities and neighborhoods, small businesses such as grocery stores, pharmacies, healthcare and child care providers, gas stations, construction-related companies, locally-owned restaurants and other goods and service providers are encouraged to apply.

Loans will have 0% interest rates and in certain circumstances, 20% of the loan MAY be forgiven.

The loan funds may be used for the purchase of movable equipment or for up to 6 months of working capital expenses related to your business’s monthly rent or mortgage payments, monthly utilities, monthly non-owner wages and benefits, and business inventory.

Businesses who were impacted by the 2016 floods are asked to contact the SCPDC Restore Louisiana Small Business Program for additional information on how your business may qualify for the loan Program.

They can be reached at 1-800-630-3791 or www.scpdc.org

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