LAPLACE — For small businesses that existed before Hurricane Isaac and were impacted by the storm, financial assistance is available for those who qualify.

The St. John the Baptist Parish Small Business Grant/Loan Program provides Community Development Block Grant Disaster Recovery assistance in the form of a grant and low interest loans.

Two town hall meetings are planned next week so small business owners and others interested can learn more information. The first meeting is at 6 p.m. Tuesday at the St. John Parish Community Center, 2900 Highway 51 in LaPlace. The second meeting starts at 6 p.m. Wednesday at the West Bank Community Center, 173 E. 3rd St. in Edgard.

Businesses, including for-profit operations and earned income generators within non-profit organizations, are eligible to apply for funding to purchase moveable equipment, inventory and working capital for up to six months. Awards will be based on CDBG eligibility and the availability of program funding.

According to Parish spokesperson Baileigh Rebowe, 20 percent of the award comes in the form of a grant to the qualifying business and 80 percent of the award is distributed through a low-interest loan to be repaid over a standard term of five years. For the first two years of the terms, the annual interest rate is one percent before moving to four percent for the remainder of the terms.

The South Central Planning and Development Commission, a public non-profit organization with Business Recovery and Economic Development lending experience, will administer the grants and loans.

“Award amounts will range from $10,000 to $100,000 based on the availability of funds, on the applicants requests and their ability to propose a qualified use of funds based on program criteria,” Rebowe said. “Award recipients will be required to hire at least one full time employee within one year of funding for every $60,000 of funding.”

The award amount is determined by unmet need, unreimbursed expenses and additional items new hires.

For unmet need, applicants must to describe their physical and fiscal losses from Hurricane Isaac. The application will request estimates of whatever recovery measures have already been applied, including insurance proceeds and or SBA assistance.

For unreimbursed expenses, businesses may document expenses that were caused by, but not covered by insurance or assistance programs. While lost profit is not eligible, monetary losses may be calculated into the unmet need unreimbursed expense.

As for additional items/new hires, business owners may propose new projects, new hires and the purchase of new equipment that would make their business better able to survive the next disaster.

The application intake period begins Sept. 29 and ends March 31.

“Awards may be received by January 2016,” Rebowe said. “However, awards will be based on CDBG eligibility and the availability of program funding. Businesses are encouraged to apply early before funds are subscribed.”

Those interested are encouraged to attend either of the town hall meetings for more information on the program.

“The purpose of St. John the Baptist Parish’s Small Business Grant and Loan Program is to facilitate recovery and to develop viable communities within the parish by expanding economic opportunities,” Rebowe said.

Not all business may qualify. The program is only for small businesses that were in existence during Hurricane Isaac and directly suffered from the effects of the storm.

To speak with someone regarding the program or to provide contact information for future updates, contact the Economic Development Department at 985-652-9569 or email atecodev@sjbparish.com.