Changes announced to Restore La. small business program

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More funds available; Deadline extended

Parish President Rick Nowlin shared changes to the Restore Louisiana Small Business Program, which offers interest-free, partially forgivable loans to businesses impacted by the 2016 flooding event. Since Natchitoches Parish was affected by the event, some businesses may be eligible for the program.

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The interest-free loans available through the $43 million program had previously ranged from $20,000-$50,000. However, qualified borrowers who comply with all requirements are now eligible for interest-free loans ranging from $10,000-$150,000.

In addition, up to 40 percent of the loan can now be forgiven when 60 percent of the principal is repaid.

The original deadline of Oct. 31 to file an application has been extended. The new deadline for filing will be announced at a later date.

A list of lenders and eligibility requirements can be found at: http://restore.la.gov/small-business-program-detailstimeline/.