N.O. offers loan program for small businesses - FOX 8 WVUE New Orleans News, Weather, Sports

N.O. offers loan program for small businesses

Updated:

NEW ORLEANS (AP) - Applications are being accepted for the New Orleans Small Business Assistance Fund, a financing program designed to grow new and existing businesses that have been unable to get loans from traditional lending sources.

The Advocate reports the program was created in partnership with the city and NewCorp Inc. It's a $2 million fund that will offer loans at an interest rate of 8 percent to small businesses for operating capital and equipment purchases. The loans will range from $10,000 to $100,000.

The maximum term of the loan is 84 months.

Applications are available here. The application deadline is Oct. 31.

Eligible participants must meet the following requirements:

- Domiciled in New Orleans.

- Demonstrate the company has been unable to access capital from traditional lending sources.

- Demonstrate financial and economic viability to spur growth and employ New Orleans residents.

- Provide living-wage employment and ownership opportunities to low-to-moderate income communities.

 NewCorp will provide one-on-one application assistance by appointment from 9 a.m. to 3 p.m. on Tuesdays and Thursdays during October. Information on scheduling appointments is available at l (504) 208-1700.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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