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The City of New Orleans

Mayor Mitchell J. Landrieu

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Loan applications now being accepted for Small Business Assistance Fund

October 01, 2012

New Orleans, LA – Today, the application period opened for the New Orleans Small Business Assistance Fund (SBAF), a new financing program designed to support the growth of new and existing business that have been unable to access capital from traditional lending sources.

Created in partnership with the City of New Orleans and NewCorp, Inc., the SBAF is a $2 million fund that will provide 8% interest rate loans to small businesses for operating capital and equipment purchases. SBAF loans are expected to range from $10,000 to $100,000. The maximum term of the loan is up to 84 months and will depend on the financing needs of the borrower.

The application deadline is October 31. The application is 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 (CDFI) selected to administer the program.

To be eligible, participants must meet the following requirements:

  • 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. 

NewCorp will provide one-on-one application assistance by appointment on Tuesdays and Thursday from 9 am – 3 pm   through October. To schedule an appointment, call NewCorp, Inc. at 504-208-1700.

Additionally, the City and NewCorp will host two information sessions this week:

Tuesday, October 2, 2012
Dillard University Professional School Building
2601 Gentilly Boulevard
New Orleans, LA 70122
5:30 pm – 6:30 p.m.


Thursday, October 4, 2012
NOPD 7th District Office
10555 Lake Forest Boulevard
New Orleans, LA 70127
5:30 pm – 6:30 p.m.

 
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Last updated: 10/1/2012 2:39:34 PM

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