Flood-impacted small businesses finally getting Restore Louisiana loans
More than a year after last August’s historic flood, the first batch of loans from the state’s Restore Louisiana Small Business Program have finally been approved. State officials with the Office of Community Development also say more loan applications are in the pipeline.
Some $2.1 million was approved earlier this month for 18 small businesses, most of which are located in the Capital Region. They should soon receive checks, which range from $10,000 to $150,000. An additional 150 applications are currently being processed.
Though it has taken a while for the program to get up and running, state officials say the bigger challenge has been making small business owners aware that it even exists. So far, the program has had about 2,800 inquiries but fewer than 200 applications.