BRAC’s April 3 COVID-19 Brief: Details on the Louisiana Loan Portfolio Guaranty Program

On Wednesday the state announced the Louisiana Loan Portfolio Guaranty Program, which will offer loans of up to $100,000 to Louisiana small businesses of fewer than 100 employees that are impacted by the COVID-19 crisis. The loans require no payments for 180 days at interest rates of no more than 3.5 percent. The total loan pool is $50 million, and applications to participating banks will be accepted until April 30. More information.

As of this morning, the following lender in the Capital Region is participating:

• Liberty Bank: Tracey Hunter, thunter@libertybank.net, 504-240-5154; Ann Duplessis, aduplessis@libertybank.net, 504-240-5182

Lenders interested in participating should contact LED by calling Business Development Manager Kelly Raney at 225.342.0411 or by emailing her at LEDSmallbizloans@la.gov.

Updated information on the Paycheck Protection Program: The Department of the Treasury issued updated guidance late yesterday on the Paycheck Protection Program, which officially launches today. BRAC is reviewing the updated guidance and will be updating brac.org/recovery accordingly.

• The final application for borrowers may be found here.
• Program overview information may be found here.
• A non-exhaustive list of SBA-approved lenders in the Capital Region may be found here.