Louisiana Governor John Bel Edwards has announced the creation of the Louisiana Loan Portfolio Guaranty Program.
Louisiana Economic Development says this program will offer loans of up to $100,000 to Louisiana small businesses of fewer than 100 employees that are impacted by the COVID-19 crisis.
The loans will require no payments for 180 days, and carry interest rates of no more than 3.5%.
Click here to read the news release...
Officials say more details will be available by the end of the week with a list of participating bankers will be posted on Friday.
The program is a partnership of LED, the Louisiana Bankers Association and the Louisiana Public Facilities Authority.
“The beauty of this program is we are not competing with the essential financial products offered by the U.S. Small Business Administration — we are complementing SBA,” LED Secretary Don Pierson said. “Our bankers know their customers well. They have confidence in the LPFA to administer this program in a professional, proactive manner; and they have the further confidence of an LED loan guaranty fund that will enhance the security of these loans.”
