For Immediate Release, Wednesday, December 13, 2006
 

Help for Small Businesses 

Small businesses needing assistance post-Katrina can contact Parish Business Development Manager Irma Cry for information about the newly announced Louisiana Department of Economic Development program.  The LaDED proposes to release $100 million of the economic development disaster recovery programs to provide much-needed grants to small businesses in the most 20 most severely impacted parishes. 

Grants of up to $20,000 will be given to:

·         Businesses of up to 25 employees that are located in most affected parishes, cities/towns & zip codes

·         Experienced >30% decline in revenue, Q2 ’06 v Q2 ‘05

·         Were in business six months before the storm and have reopened or show potential to reopen

·         Applications will be accepted beginning January

·         Applications will be accepted by community nonprofit lenders 

0% Interest Loans of up to $250,000

• Businesses of up to 25 employees that are located in most affected parishes, cities/towns & zip codes
• Were in business six months before the storm and have reopened or show potential to reopen
• Applications to be accepted beginning January
• Applications will be accepted by community nonprofit lenders

Guaranteed Loans

• Businesses of up to 50 employees
• Are located in 20 damaged parishes
• Were in business six months before the storm and have reopened or show potential to reopen
• Have insufficient collateral to meet conventional underwriting criteria
• 75% guarantee on loans from commercial lenders up to $1,500,000
• Applications to be accepted by end of December
• Applications will be accepted by participating banks

Free General Assistance on a range of business issues to ALL Businesses

• Accounting and legal
• Regulatory and tax
• Workforce
• Marketing
• Long-term planning
• Most other questions
• Services will be available by January
• Services will be provided by participating community organizations

“Small business recovery is essential to St. Tammany Parish,” said Parish President Kevin Davis.  “They are the backbone of our economy.  Any assistance we can give to retain businesses and jobs is a great investment.” 

St. Tammany businesses can contact Irma Cry at icry@stpgov.org or call 898-2761.

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