The City’s Office of Economic Development is reminding residents that the deadline to apply for the second round of the Small Business Assistance Fund (SBAF) loan program is Friday, June 14, 2013. The SBAF is a financing opportunity created by the Landrieu Administration in partnership with NewCorp, Inc. to support the growth of new and existing small businesses. Applications are available online at newcorpinc. A final information session for prospective applicants will take place June 13th at 2pm at NewCorp, Inc. at 2924 St. Bernard Avenue in New Orleans. Those interested in attending the session should RSVP to sbaf@newcorpinc or call 504-208-1700. One-on-one appointments can be scheduled between 9am and 3pm on Thursday and 9am and 12pm on Friday. The SBAF is partially funded by the City of New Orleans Economic Development Fund and NewCorp, Inc., a local Community Development Financial Institution selected to administer the program. The program provides eligible small businesses with 8% interest rate loans ranging from $10,000 to $100,000 for operating capital and equipment purchases. The maximum term of the loan is up to 84 months and will depend on the financing needs of the borrower. Applicants must meet the following requirements to participate in the program: Domiciled in Orleans Parish; Demonstrate that it has been unable to access capital from traditional lending sources; Demonstrate financial and economic viability to spur growth and employ City of New Orleans residents; and Provide living-wage employment and ownership opportunities to low-to-moderate income communities. For additional information about the program and eligibility requirements, please contact NewCorp, Inc. at 504-208-1700 or sbaf@newcorpinc.
Posted on: Thu, 13 Jun 2013 16:51:20 +0000
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