For Immediate Release, Wednesday, October 19, 2005

Contact:  Suzanne Parsons Stymiest @ 985-898-5243

GOVERNOR AUTHORIZES BUSINESS LOAN PROGRAM

             The St. Tammany Economic Development Foundation was notified today of a new loan program to assist businesses in the aftermath of Hurricanes Katrina and Rita.

             Gov. Kathleen Blanco today unveiled the Louisiana Bridge Loan Program, which will provide “gap funding” for businesses awaiting government assistance, insurance or other monies. Gov. Blanco has redirected the state’s Rapid Response Fund as seed money for the Bridge Loan program, which is being coordinated by Louisiana Economic Development and the Louisiana Public Facilities Authority (LPFA). The state has requested an additional $200 million from Congress.

             Bridge Loans are interest-free for 180 days. Through private-sector financial institutions, funds will be available within five days of application by eligible businesses. Eligible applicants are those located in regions directly affected by the hurricanes which have been operating for at least one year, and employ 100 or fewer people. Applications should be submitted in person at a participating financial institution.

             Bridge Loan applications and full program information are available at www.LEDforward.louisiana.gov and at www.LPFA.com.

             “One of the most important aspects of disaster recovery is the protection of small business,” Parish President Kevin Davis said. “We’re pleased to help notify local businesses of this program, and encourage all who are eligible to take advantage of this program.”

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