Louisiana received official U.S. Treasury approval for up to $113 million in SSBCI funds on Dec. 6, 2022. (Read the LED news release here.) Access to the full $113 million is dependent on state disbursements meeting federal funding benchmarks for VSBs and SEDIs whose access to capital is a point of emphasis.
LED, via the Louisiana Economic Development Corporation (LEDC), will work with private equity funds and financial institutions to disburse SSBCI funds via equity, micro lending, collateral support and loan guaranty programs.
The loan programs make it easier for businesses to borrow money by providing collateral support to borrowers, loan guarantees to lenders, and funding for micro loans.
Equity programs connect start-ups, early-stage and expanding small businesses with funds to invest in the business.
To learn more, visit: LouisianaSSBCI.com/Programs and take the interactive quiz to find which program is right for you!