• Governor Announces New State-Led Loan Program

    Today, Gov. John Bel Edwards announced a new Louisiana Loan Portfolio Guaranty Program, which 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. To help Main Street and rural businesses sustain operations, the loans will require no payments for 180 days and carry below-market interest rates of no more than 3.5 percent. 

    LPGP Highlights
     

    • Firms of fewer than 100 employees will be able to borrow up to $100,000 at below-market interest rates 
    • Loans designed to help small firms impacted by COVID-19 meet their payroll, retain employees, pay their rent and mortgages, and maintain operations
    • No payments due or interests applied for the first 6 months. After 6 months, interest rates will be no higher than 3.5%
    • Total loan pool of $50 million will be quickly disbursed to eligible small businesses across Louisiana
    • Program will not compete with SBA loan programs
    • More than 30 banks across Louisiana are currently participating
    • Bankers will have the flexibility to extend loan terms for up to five years
    • Lenders interested in participating should contact LED by calling Business Development Manager Kelly Raney at 225-342-0411 or by emailing LEDSmallbizloans@la.gov
    View all details and participating banks on LED's website HERE