State recovery grant program ending soon

Published on Wednesday, July 16, 2008 10:13 AM CDT

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The St. Tammany Economic Development Foundation is urging local businesses to act soon to take advantage of the state’s Business Recovery Grant & Loan Program.

The deadline for application is July 18. The program is aimed at businesses still recovering from the 2005 hurricanes and has up to $80 million in state funds available as grants or no-interest loans for companies operating in 20 hurricane-affected parishes.

The Louisiana Office of Economic Development and Louisiana Recovery Authority officials developed Phase II of the program with extensive input from local business groups, related state agencies and the U.S. Department of Housing and Urban Development. Funds remaining from the first phase of the program, which ended in 2007, were added to monies allocated by the legislature last year to make up the Phase II pool of funds.

Businesses are eligible for up to $100,000, with 20 percent in the form of a grant and 80 percent in the form of a two-year, zero-interest loan. After two years, interest on the balance is only four percent. For more information on the program, interested businesses can call (504) 378-4878, visit www.louisianaforward.com/brgl, or call the program’s 24-hour, toll-free helpline at 1-877-610-3533.

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