Small business owners across Allen Parish and its surrounding communities (Jeff Davis, Winn, etc.) should take time to learn more about the Restore Louisiana Small Business Loan program.
If your small business was impacted by Hurricanes Laura or Delta and suffered $10,000 of property damage or lost 20 percent of its annual gross revenue, Tom Watkins, regional planner for the South Central Planning and Development Commission, said there are small loans to help your business. If you were operating at the time the hurricanes hit the area and your business was affected, the state has a program to help businesses move forward.
Watkins said the loan can be used for different business options like paying your payroll for sixth months including wages and benefits, rent and mortgage, utilities, inventory, purchase equipment for business recovery or it can be for several of those things.
“You don’t have to pick one thing or another,” Watkins said.
He said there are many scenarios, in which this money can be used to assist a small business. He said maybe a tree fell on a truck and the equipment needs to be replaced. Or you own an ice house and need a generator to make ice when the power goes down.
Watkins said this is a seven-year term loan at zero percent interest. Actually it’s a seven-and-a-half years because the first six months of the loan, payments are deferred. And if you pay back 60 percent of the loan on time and are not in default, then the remaining 40 percent is forgiven.
“It’s a great program that can help. It’s for small business with one to 50 employees.”
If you are interested, you can go online to www.scpdc.org and on the left side of the screen, press the red button with the words “Restore Loan Process.” You can also call 985-851-2900, ext. 2121, to learn more. Complete the application process, and Watkins said you will be contacted.
This is the second phase of the program, and Restore Louisiana Small Business program is working with the State of Louisiana’s community development. The original application deadline was December 2023, and it has now been extended to June 30, 2024.
