Baton Rouge, LA – November 3, 2017 – TruFund Financial Services, Inc. joins Louisiana Gov. John Bel Edwards’ Office of Community Development (OCD) in the announcement of two important updates to the Restore Louisiana Small Business Program, which offers interest-free, partially forgivable loans to businesses impacted by the 2016 floods.
The interest-free loans available through the $43 million program range from $10,000 to $150,000. If qualified borrowers comply with all requirements, the loans are interest free. After recent program changes, 40 percent of the loan will now be forgiven when 60 percent of the principal is repaid. The previous forgivable amount was 20 percent.
In addition, OCD has extended the application period, and the exact deadline will be announced later. In the meantime, flood-impacted small businesses and nonprofits interested in a loan are encouraged to apply immediately.
“The recent program changes gives us greater opportunity to be impactful in the devastated communities,” said LaShaunda P. René, Business Services and Program Development Manager for TruFund Financial Services, Inc. “Thus far the businesses we’ve helped through the Restore Louisiana Small Business Program have expressed their gratitude and are well on their way to a full recovery.”
The Small Business Program is designed to help eligible businesses in the 51 parishes impacted by the March and August 2016 floods. The program has so far processed funding for $3.8 million in loans.
The loans can be used for working capital—rent, mortgage, utilities, non-owner employee wages and inventory and movable equipment. However, construction-related expenses are not eligible.
“The response to the Restore Program has been positive, said Myla R. Poree, Vice President & Managing Director of TruFund Financial Services, Inc. Louisiana Market. “Though TruFund has been able to serve many small businesses through the program, we understand there are many more that are still in need.”
TruFund also offers eligible borrowers business recovery and resiliency technical assistance, opportunities to participate in disaster preparedness planning and general business training. For more information and loan qualifications please visit our website at www.trufund.org.
About TruFund Financial Services
TruFund Financial Services, Inc. is a wholly independent national non-profit Community Development Financial Institution (CDFI). TruFund seeks to stimulate economic development in communities that are underserved by traditional banking institutions by providing fair and accessible capital, hands-on technical assistance and innovative solutions to small businesses and nonprofit organization. For more information, please visit the website at www.trufund.org
About the Restore Louisiana Task Force
The Restore Louisiana Task Force comprises 21 individuals from throughout the state who were appointed by Gov. John Bel Edwards to oversee the rebuilding process after historic flooding in March and August 2016 impacted 51 disaster-declared parishes. The Task Force’s mission is divided into six categories: community planning, economic, health and social services, housing, infrastructure and natural and cultural resources. All task force documents are available at http://restore.la.gov/resources/. For more information, visit restore.la.gov.
