South Central Planning and Development Commission offers disaster recovery loan for small businesses
Published 8:10 am Thursday, October 7, 2021
BATON ROUGE — The South Central Planning and Development Commission is working to assist regional small businesses with recovery efforts in the aftermath of Hurricane Ida.
Offering the SCPDC Hurricane Ida Disaster Recovery Loan is a small step in what will hopefully become a large-scale response as the Commission anticipates working with state and federal partners to participate in future comprehensive recovery funding related to small business loans.
Please note that SCPDC is using existing loan funds (which are limited) to offer these loans, without the financial backing of the federal government. These loans are not associated with SBA and are NOT forgivable. They are meant to “bridge a gap” and get businesses to the next phase of recovery funding.
Terms include a $20,000 lump sum, with six months deferral and a five-year amortization. There will be 0% interest for years one and two, and 4% interest for years three through five.
St. John the Baptist, St. James and St. Charles parishes were identified as being the most affected by Hurricane Ida, in addition to Lafourche and Terrebonne parishes. Other parishes eligible for this loan are Ascension, Assumption, East Baton Rouge, East Feliciana, Iberia, Iberville, Livingston, St. Helena, Point Coupee, St. Martin, St. Mary, St. Tammany, Tangipahoa, Washington, West Baton Rouge and West Feliciana.
Eligibility is also dependent on being in business for at least one year. Qualifying businesses will have no more than 30 employees, a 600 minimum credit score, $20,000 annual gross revenue in 2020, an occupational license (or equivalent), a completed online application and supporting documentation, and other analysis and underwriting to take place internally.
An online application is available at scpdc.org. For application assistance, please email firstname.lastname@example.org or call 985-655-1051.