Eno Lirette
February 12, 2007Broadcasters enjoy a boon market in Tri-parishes
February 14, 2007THE ASSOCIATED PRESS
Louisiana’s plan to offer small business owners affected by hurricanes Katrina and Rita loans and grants from a pool of $105 million in federal recovery aid was approved Friday by federal officials.
The state’s economic development department already has been accepting applications, hoping the program n approved by the Louisiana Recovery Authority, Louisiana Legislature and Gov. Kathleen Blanco n would win approval from the U.S. Department of Housing and Urban Development.
“By growing this program, Louisiana will be able to help more small businesses to recover and that means more jobs for families working to put their lives back together in the aftermath of these storms,” HUD Secretary Alphonso Jackson said in a statement announcing HUD’s approval.
Applications for the grants will be accepted until Feb. 16. Loan applications will be accepted until the $38 million set aside for the loans runs out.
The program, fueled with federal recovery block grant aid allocated to Louisiana by Congress after the 2005 storms, will give out grants up to $20,000 and interest-free loans up to $250,000.
More than 1,500 businesses have submitted grant applications and 75 have submitted loan applications so far, according to Louisiana’s economic development department.
The grants are available to hurricane-damaged businesses with up to 50 employees who were open six months before the storms, are trying to reopen or have reopened, and suffered economic losses from Katrina and Rita. The loan program is available to small businesses with similar criteria.
Grant proceeds can be used for rent, insurance, utility payments and equipment. Loans can be used for operating expenses and building repairs.
Interested business owners can get more information at http://www.louisianaforward.com or by calling 1-877-217-1777.
