BATON ROUGE, La. — Gov. John Bel Edwards’ administration is boosting the size of loans available to small businesses damaged by last year’s flooding and extending the deadline for applications.
The Restore Louisiana Small Business Program offers interest-free, partially forgivable loans to businesses harmed by the March and August 2016 floods. Twenty percent of the loan is forgiven when the other 80 percent is repaid.
Under the changes announced Wednesday, the loans now range from $10,000 to $150,000. They previously had ranged from $20,000 to $50,000.
Also, the deadline for submitting loan applications through one of the participating banks and lenders has been extended until Oct. 31.
The program uses recovery dollars provided to Louisiana from Congress. The loans can be used to pay rent, utilities, mortgage, employee wages and some non-construction repair expenses.