Disaster relief loans available for small businesses impacted by 2020 hurricanes

LAKE CHARLES, La. (KPLC) – The Small Business Loan Program was launched last year by the South Central Planning and Commission in partnership with Restore Louisiana.

Restore Louisiana is helping businesses provide loans of $10,000 to $250,000 to assist owners with current and newly hired employees and to retrieve equipment and supplies lost in storms.

The program offered loans to some small business owners today at the Seed Center on the McNeese campus.

“So there was a lot of damage to our buildings. A lot of equipment was damaged. The actual office building we were working on was completely destroyed by things that needed to be repaired or replaced, and we had to tear it down completely. We just finished construction on our new building and recently moved in,” said Mark Peterson, CFO of Tadlock Pipe and Rentals.

South Central Planning and Development Commission Deputy Field Manager Dane Bergeron says as of right now, there is still about $6-$7 million in loan money available in the program.

“This means everything to me. I am also a small business owner. Small businesses are the heart and soul of this country and we need to do everything we can, and that’s why I agreed to take on this program,” Bergeron said.

In order for a business to receive a loan, it must meet the following criteria:

Has 1 to 50 full-time employees
It was clear before hurricanes Laura and Delta
Earned a minimum annual gross income of $25,000 before the disasters
Be in one of the affected neighborhoods
Financial or physical loss suffered due to storms

“We already needed some new employees, this will help us bring jobs to the community and really take pride in our business, generate more revenue and advance our entire orthopedic practice,” said Orthopedic Surgeon Geoffrey Collins.

The application period is now open and ends in December.