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The City of New Orleans

Mayor Mitchell J. Landrieu

City announces information sessions for Small Business Assistance Fund Loan Program

May 21, 2013

NEW ORLEANS, LA–Today, the City’s Office of Economic Development announced information sessions for the Small Business Assistance Fund (SBAF) loan program, a financing opportunity created by Landrieu Administration in partnership NewCorp, Inc. to support the growth of new and existing small businesses.

Information sessions will take place at 2pm on the following dates: May 23rd, May 28th, May 30th, June 4th, June 6th, June 10th and June 13th at NewCorp, Inc. at 2924 St. Bernard Avenue in New Orleans.

Those interested in attending a session should RSVP at sbaf@newcorpinc.com or call 504-208-1700.

Prospective applicants can also schedule one-on-one appointments Monday-Friday between 9am and 3pm during the application period, which extends through June 14, 2013. Applications are available online at www.newcorpinc.com.

The SBAF is partially funded by the City of New Orleans Economic Development Fund, and is a partnership between the City and the NewCorp, Inc., the local Community Development Financial Institution selected to administer the program.

The program provides eligible small businesses with 8% interest rate loans ranging from $10,000 to $100,000 for operating capital and equipment purchases. The maximum term of the loan is up to 84 months and will depend on the financing needs of the borrower.

Applicants must meet the following requirements to participate in the program:

  • Domiciled in Orleans Parish;
  • Demonstrate that it has been unable to access capital from traditional lending sources;
  • Demonstrate financial and economic viability to spur growth and employ City of New Orleans residents; and
  • Provide living-wage employment and ownership opportunities to low-to-moderate income communities.

For additional information about the program and eligibility requirements, please contact NewCorp, Inc. at 504-208-1700 or sbaf@newcorpinc.com.

 
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Last updated: 6/9/2014 2:28:20 PM

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