The Louisiana Business Recovery Grant and Loan Program – Phase II is a continuation of the Louisiana Business Recovery Grant and Loan Program. Phase II includes funding for approximately $80 million in awards.
Jefferson Parish Economic Development Commission (JEDCO) is accepting applications for businesses located in Jefferson Parish that have a current occupational license OR from business owners who maintain permanent residency in Jefferson Parish and are the majority owners of a businesses located within the hurricane affected area. Non-Jefferson Parish applications may be submitted at any of the other intake centers, click here.
Jefferson Parish Economic Development Commission (JEDCO)
3445 North Causeway Blvd., Suite 300
Metairie, LA 70002
Appointments are required, please call (504) 412-8484 or e-mail brglinfo@jedco.org.
All award applicants must meet the general eligibility requirements and fulfill basic underwriting criteria to qualify. In the case of more eligible awardees than available funding, award applicants that meet all criteria will be prioritized according to the US Department of Commerce Bureau of Economic Analysis Regional Economic Indicators, according to their industry code (NAICS).
Awards will consist of 20% grant/80% loan packages ranging from $20,000 to $100,000. In limited cases, subject to LED/LRA approval, loan amounts may be increased to $230,000.
Loans have 0% interest for the first two years and a 4% rate thereafter.
No principal repayment is due for the first six months.
Principal is fully amortized over three to seven years, as determined by the intermediary.
There are no fees.
A personal guarantee is required on all business owners ‚â•20%.
Businesses that received a grant in Phase I are eligible for a loan-only in Phase II (but the 20% grant portion of award will not be given).
For a list of complete guidelines, click here.
The application period for Phase II of the Business Recovery Grant and Loan Program will begin June 9, 2008 and will end July 18, 2008. The program is not first-come, first-serve – it does not matter when an application is turned in within the application period, as long as it is complete.
Step 1: Attend an Information Session
Step 2: Determine Your Eligibility
Step 3: Complete Application and gather Supporting Documents
Step 4: Submit Application and Supporting Documents to an Intake Center
For additional information, click Frequently Asked Questions.
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