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

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

How to Apply

Application Process:

1. One of the program's participating lenders in your area will need to submit an application for the loan on your behalf
2. Download the application packet to get started
3. Contact a participating non-profit lender in your area for assistance with the application

Required Materials:

• Application packet (available for download on the program page)
• Documentation of business operation at time of disaster
• Documentation of annual gross revenues before disaster
• Documentation of financial or physical loss
• Evidence of eligible unmet need after accounting for duplication of benefits

Submission Process:
Applications are submitted by participating non-profit lenders on behalf of eligible businesses and organizations.

Note: The standard application period (May 1, 2023 to December 31, 2023) has closed. Contact the program for information about current availability.