The New Orleans Small Business Assistance Fund is a program meant to help new and existing businesses of New Orleans find loans to run their business organization. This is a $2 million financing program that makes loans available at low interest rates.
It is an excellent vehicle for small businesses to make progress as they can secure loans through this program. This program is going to offer loans at 8 percent interest rate. Grants to small businesses will be available for meeting the purpose of operating capital and buying new equipments. The grants made will range from $10,000 to $100,000 and can extend for up-to seven years.
The Business Assistance Fund is available under the New Orleans Economic Development Fund program. All applications are reviewed and funds are made available to businesses under the Economic Development Fund program. However, the loan amount is fully dependent on the Mayor’s approval and on the consensus drawn from the Special Projects Committee, Economic Development Committee and the Budget Committee.
Business owners must be residing in Orleans Parish so as to be eligible for the loans. It is also required that businesses should display sufficient financial viability and should have faced difficulties in receiving loans from a traditional lender.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org