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Louisiana Economic Development Update

Phase II of Louisiana Business Recovery Grant & Loan Program Introduced

Today Louisiana Economic Development (LED) and Louisiana Recovery Authority (LRA) announce the launch of the second phase of the Louisiana Business Recovery Grant and Loan Program designed to support businesses recovering from the after-effects of hurricanes Katrina and Rita. State officials have made $80 million dollars available in combination grants and zero-interest loans for recovering businesses in this phase. The program will accept applications June 9 - July 18 through community-based financing intermediaries across the region.

“One of our primary goals at LED is to make Louisiana a better place to do business,” said LED Secretary Stephen Moret. “For companies in South Louisiana who are still recovering from the storms’ aftermath, this means providing access to affordable resources and financing. That is why we are rolling out a second phase of this program - to make South Louisiana’s business climate a place where our companies can grow and prosper.”

“Louisiana cannot recover from the twin disasters of Hurricane Katrina and Hurricane Rita without small businesses to help lead the charge by providing much-needed jobs and services in the areas affected by the storms,” said LRA Executive Director Paul Rainwater. “This is why the state carved out funds for economic development from our federal allotment of recovery dollars - because we know the business community is a crucial partner in this rebuilding effort.”

LED and LRA officials developed Phase II of the program with extensive input from local business groups, related state agencies and the U.S. Department of Housing and Urban Development. Funds remaining from the first phase of the program were added to monies allocated by the Legislature last year to total the $80 million available for Phase II.

Informational sessions will be held around South Louisiana beginning Wednesday, May 28. Business owners are urged to attend informational sessions to ensure their applications are accurate and complete before scheduling an intermediary interview to submit the application. It makes no difference when a complete application is received during the application period.

In addition to the grant and loan program, other funding will soon be available through the new Louisiana Revolving Capital Loan Fund, being capitalized from loan repayments from the Business Recovery Grant and Loan Program’s first phase.

Business owners interested in more information on Phase II can find further details, such as a list of intermediary organizations and calendar of informational sessions, at LouisianaForward.com. The 24-hour toll-free hotline 1-877-610-3533 offers answers to questions about the application process ONLY. Calling the hotline or visiting LouisianaForward.com does not constitute filing an application.

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