The U.S. Treasury approves Louisiana’s application for up to $113-million in support for the state’s small business owners; a part of the $10-billion State Small Business Credit Initiative. The program will give financial help to “mom & pops” in the form of venture capital, seed capital. Low interest loans and more. Governor John Bel Edwards says this is great news…
“It gives us an historic opportunity in those underserved urban and rural communities that have struggled to attract business capital and investment.”
The size of the federal commitment is significant when one considers that Louisiana received just over $13-million when the program was last done in 2010. Louisiana Economic Development will administer the program. Edwards says a great many small businesses are struggling in the wake of the pandemic and fierce hurricanes in 2020 and ’21…
“This is going to grow capacity. It’s going to grow wealth. It’s going to mean more success. And reversing those kinds of historical trends would be impossible without a shared commitment by the states and our federal partners.”
Edwards says the funds will be of particular assistance to the state’s many minority-owned small businesses…
“This makes social and economic change and transformation possible…and we’re going to make sure that we take full advantage of that, and that we’re successful.”
To find out more about the program, visit “LouisianaSSBCI.com”
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