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On August 29, 2021, upon the impact of Hurricane Ida, a Major Federal Disaster Declaration was declared for the State of Louisiana. As no Federal funds have been allocated as of yet to support small business recovery, South Central Planning is committing to assist small businesses within its regional boundaries, as well as other Louisiana Parishes included in the primary disaster parishes and covered by existing SCPDC loan programs.
SCPDC is working to assist regional small businesses as they ramp up to greater recovery efforts in the aftermath of Hurricane Ida. They are offering a disaster recovery loan which they said is a small step in what will hopefully become a large-scale response as they anticipate working with our State and Federal partners to participate in future comprehensive recovery funding related to small business loans.
The application is live and can be found at https://cloud.bmisw.com/SCPDC/Workflow/Enter/Begin. Please note that SCPDC is using existing loan funds (which are limited) to offer these loans without the financial backing of the Federal Government. The loans are not associated with SBA and are not forgivable. They are meant to “bridge a gap” and get businesses to the next phase of recovery funding. The loans are a $20,000 lump sum with a six-month deferral, five-year amortization, 0% interest for years one and two, and 4% interest for years three-five.
To be eligible for the loan, the business must be in business a minimum of one year, have no more than 30 employees, have a 600 minimum credit score, had $20,000 annual gross revenue in 2020, has an occupational license or equivalent, completed the online application and provide supporting documentation, and other analysis and underwriting to take place internally.
Parishes available for the loan are Lafourche, St. John the Baptist, St. Charles, St. James, Terrebonne, Ascension, Pointe Coupee, Assumption, St. Martin, East Baton Rouge, St. Mary, East Feliciana, St. Tammany, Iberia, Tangipahoa, Iberville, Washington, Livingston, West Baton Rouge, St. Helena, and West Feliciana.
To apply for the loan, you must complete the online application which can be found at scpdc.org, have a current parish occupational license, have your most recent year filed business taxes, and have a year-to-date profit and loss statement. For each owner 20% or more, you must have your most recent year filed personal taxes, have a personal financial statement and have a copy of government ID.
