TEDA to get $200,000 to aid local companies

The Terrebonne Economic Development Authority is receiving an additional $200,000 n $100,000 per year for the next two years n to help hurricane-impacted businesses recover after hurricanes Katrina and Rita.

The Louisiana Economic Development and Louisiana Recovery Authority are funding the grants. The money is intended to provide critically needed support to small and independent businesses adversely affected by the 2005 storms, said TEDA CEO Michael Ferdinand.

With the grants, TEDA plans to expand the free technical assistance it already offers in such areas as:

• Counseling on business structure, location, marketing, management, operations and publicity;

• Assistance with writing business plans and loan and grant applications;

• Guidance in obtaining applicable state and federal tax credits;

• Coordination of resources with strategic partners in the community and state;

• And disaster planning.

Ferdinand said TEDA staff will meet with local business people individually as well as in groups.

With the expansion of TEDA’s business outreach program, it plans to offer accounting, insurance counseling and legal assistance through contractual services with experts in those fields. The services will include, but not be limited to legal organization of business, notary services, creation of a bookkeeping system and consultation on tax liability.

Ferdinand said TEDA will team with the South Central Planning and Development Commission to provide the technical assistance for clients it serves with grant and loan monies through the Small Firm Recovery Loan and Grant Program, as well as other strategic allies.

By working with other partner agencies in the community, Ferdinand said TEDA plans to maximize benefits to the business community.

The grants are not limited to any sector, he said.

Ferdinand noted that a number of fishermen in Terrebonne’s bayou communities are among the local businesses seeking loan and grant assistance.

TEDA’s aim, he said, is to help companies impacted by the storms to re-evaluate their business market and strategy, helping position them to move forward and regain their footing. That will enable the companies to grow and begin contributing substantially again to the parish’s economic base, Ferdinand explained.

For more information, contact Ferdinand or Business Retention and Expansion Director Katherine Gilbert at (985) 873-6890.