NEW ORLEANS, LA– This month, the City’s Office of Economic Development announced awards to 16 local businesses during the second round of the Small Business Assistance Fund (SBAF) loan program. Developed last September in partnership with the City of New Orleans and NewCorp, Inc., SBAF provides small businesses access to capital and helps to create new jobs.
“New Orleans’ small businesses are one of our greatest assets and the driving force behind rebuilding our economy,” said Mayor Landrieu. “The SBAF loan program presents another opportunity for the City and its partners to support local entrepreneurs and minimize barriers that may traditionally stand in the way by increasing their access to capital.”
Sixteen local businesses were approved in the second round of the SBAF loan program which is partially funded by the City of New Orleans Economic Development Fund. The loans, totaling $891,800, will cover operating capital, equipment purchases and expansion plans, and are expected to generate 67 new jobs.
“We are extremely proud of the success that the program has had in its first year. SBAF has allowed 25 entrepreneurs and small businesses to secure the capital they need to innovate, grow their businesses and create new jobs for the residents of New Orleans,” said Aimee Quirk, advisor to the Mayor for Economic Development.
Eligible small businesses in the program have the opportunity to qualify for SBAF loans ranging from $10,000 to $100,000 at interest rate of eight percent. Depending on the financing needs of the borrower, the length of the loan can extend up to 84 months.
“Through this program, the Mayor’s Office of Economic Development and NewCorp, Inc. have opened doors for our small businesses, entrepreneurs and communities. The Economic Development Advisory Committee is honored to advance programs that incentivize and promote economic opportunity within our city,” said Judith Dangerfield, chair of the Economic Development Advisory Committee.
The purpose of the SBAF loan program is to support the growth of new and existing businesses. “This innovative program provides the small business person and local entrepreneurs opportunities to access capital resources that have previously been out of reach to many in our community,” said Vaughn Fauria, President and Executive Director of NewCorp, Inc. “The City of New Orleans and NewCorp are committed to the small business enterprises and the vision that a healthy business community supports job creation and a thriving city.”
Click here for a complete list of awardees of the second round of SBAF loans.
For additional program information and questions about the SBAF loan program, please contact NewCorp, Inc. at 504-208-1700 or firstname.lastname@example.org.