Parish President, Rick Nowlin, would like to share some important changes to the Restore Louisiana Small Business Program, which offers interest-free, partially forgivable loans to businesses impacted by the 2016 flooding event. Since Natchitoches Parish was one of numerous Parishes affected by the event, some Parish businesses may be eligible for the program.
The interest-free loans available through the $43 million program had previously ranged from $20,000 to $50,000. However, qualified borrowers who comply with all requirements are now eligible for interest-free loans ranging from $10,000 to $150,000.
In addition, up to 40 percent of the loan can now be forgiven when 60 percent of the principal is repaid. The previous forgivable amount was 20 percent.
Finally, the original deadline for filing an application, October 31st, has been extended. The new deadline for filing will be announced at a later date.
Small businesses and non-profits in the Parish who were affected by the 2016 floods and are interested in getting a loan through the program are encouraged to apply through one of the lenders participating in the program. A list of lenders and eligibility requirements can be found at: http://restore.la.gov/small-business-program-detailstimeline/.
