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The City of New Orleans

Mayor Mitchell J. Landrieu

Assistance for Small Business

U.S. Small Business Administration - Louisiana District Office

The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. Small business is critical to our economic recovery and strength, to building America's future, and to helping the United States compete in today's global marketplace. The SBA helps Americans start, build and grow businesses.

LED Small Business Loan Program

The Louisiana Economic Development 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.

How to Apply

To apply for funding through the Small Business Loan program, the following procedure must be followed:

  1. A detailed business plan must be submitted first. You may also contact the nearest small business development center for assistance in developing your business plan.
  2. Submit the completed business plan to your local bank and establish a relationship with a lending officer.
  3. Submit a copy of the completed business plan to Louisiana Economic Development Corporation, along with the name of your bank and contact person.
  4. http://www.louisianaeconomicdevelopment.com/small-business/small-business-loan-and-guaranty-program.cfm

LED Bonding Assistance

As of July 2008, Louisiana Economic Development's Bonding Assistance Program (BAP) has approximately $6 million available in a revolving pool for new bond guarantees, creating more possibilities for small business in Louisiana. By providing companies with the ability to bid on private and public jobs, entrepreneurs are finding new opportunities to compete for projects that can lead to financial security and potential growth. When a qualified Small and Emerging Business requires quality bid, performance and payment bonds from surety companies at reasonable rates, the Bonding Assistance Program can help reach the bonding capacity required for specific projects.

LED Small Business Loan Program

(see Finance Loans and Grants section)

Micro Loan Program

(see Finance Loans and Grants section)

 
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Last updated: 6/25/2013 4:47:50 PM

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