Areas Served: Statewide Louisiana
The State of Louisiana offers several small business loan programs.
Small Business Loan Program The Small Business Loan program provides loan guarantees and participations to banks in order to facilitate capital accessibility for businesses.
The program’s purpose is to provide financial assistance, which will help with the development, expansion and retention of Louisiana’s small businesses.
BENEFITS Guarantees may range up to 75% of the loan amount, not to exceed a maximum of $1.5 million.
Loan participations of up to 40% are also available.
ELIGIBILITY Must be a Louisiana small business (as defined by the Small Business Administration).
Small business concerns domiciled in Louisiana whose owner(s) or principal stockholder(s) shall be a resident of Louisiana.
Louisiana’s Microenterprise Development Louisiana Economic Development, in conjunction with the Louisiana Department of Social Services, created the Microenterprise Development program to provide self-employment training that gives entrepreneurs the competitive advantage they need to succeed.
BENEFITS Louisiana’s Microenterprise Development program helps to: – Provide an innovative path out of poverty – Create self-sufficiency – Improve the survival rate of microenterprise businesses – Improve employment skills – Promote economic development – Working with partners across the state, the program begins with a comprehensive assessment.
Once the assessment is complete, participants begin a two- to three-month business development course that includes entrepreneurship training, personal effectiveness, financial literacy and technical assistance.
Part of the course also includes writing a business plan.
Upon successful completion of the program and application process, participants become eligible to apply for seed funding to assist in supplementing business startup costs.
ELIGIBILITY You qualify for the Microenterprise Development program if: – You are a parent or related caretaker of children under 18 who meet certain age requirements.
– You receive FITAP, KCSP payments, free/reduced school lunch, food stamps, Medicaid or LaCHIP.
– Your family income is at or below 200 percent of the federal poverty level.
Micro Loan Program The Micro Loan program provides loan guarantees and participations to banks for micro business loans.
To stimulate the flow of private capital, long-term loans and other financial assistance for financing are necessary for the development of small business concerns in Louisiana.
BENEFITS Provides up to 80% guarantees and state participations up to 50% for banks that fund loans from $5,000 to $50,000. ELIGIBILITY Must be a Louisiana small business (as defined by the Small Business Administration).
For comprehensive rules and details on eligibility, please review Related Content below and contact the appropriate administrator.
Contact InformationLouisiana Economic Development
Address: 1051 North Third Street
City: Baton Rouge
State: Louisiana
Website:
http://www.louisianaeconomicdevelopment.com/index/incentives
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