Small Business Loan Program

Small Business Loan Program

Funder: North Delta Regional Planning & Development District, Inc. (RESTORE Louisiana)

Program Status: Application period closed (was May 1, 2023 to December 31, 2023)

Overview:
A lending program to assist disaster-impacted small businesses with non-construction expenses. The program aids 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.

Program Structure

The state provides program assistance to eligible businesses and/or non-profit organizations through participating non-profit lenders, who implement and administer the lending program. The state enters 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.

Geographic Scope

Eligible Locations: One of the parishes eligible for program participation (see PDF list on program page)

Eligibility Requirements

Business Criteria:
• 1-50 full-time employees (35 hours or more per week)
• Must have been open at the time of the disaster event (in operation)
• Minimum $25,000 in annual gross revenues before the disaster event
• Located in one of the parishes eligible for program participation
• Experienced either a financial or physical loss as a result of 2020-2021 disaster events
• Have an eligible unmet need after accounting for duplication of benefits
• Eligible applicants: small businesses and non-profit organizations

Loan Terms

• Interest Rate: 0% interest rate
• Amortization: 60% of the loan amortized over 7 years
• Principal Repayment: No principal repayment for the first 6 months
• Forgiveness: 60% repayable and 40% forgivable (if requirements are met)
• Loan Range: $10,000 to maximum of $150,000

Eligible Uses

• Working capital
• Equipment
• Furniture

Contact Information

Address: 3000 Kilpatrick Blvd., Monroe, LA 71201

Phone: (318) 387-2572

Email: info@northdelta.org

Program Contact: Jeffrey Tyler at jeffrey@northdelta.org or (318) 855-0681

Additional Resources: For more information on program guidelines, visit restore.la.gov/SBLP