Gov. John Bel Edwards today announced a new loan guarantee program offering loans of up to $100,000 to Louisiana small businesses impacted by the COVID-19 crisis. To be eligible, businesses must have fewer than 100 employees.
To help Main Street and rural businesses sustain operations, the loans will require no payments for 180 days and carry below-market interest rates of no more than 3.5 percent, according to a press release from the governor.
The Louisiana Loan Portfolio Guaranty Program is a partnership of Louisiana Economic Development, which will provide a loan guaranty fund; the Louisiana Bankers Association, whose membership will provide the loans; and the Louisiana Public Facilities Authority, which will administer the program. A total loan pool of $50 million will be quickly disbursed to eligible small businesses across Louisiana.
Read more about the state program here.