LA RECEIVES FED FUNDS FOR SMALL BIZ - On Tuesday, the U.S Treasury announced it has approved Louisiana’s application for up to $113 million-dollars in federal support for small business owners and entrepreneurs as part of the $10 billion-dollar State Small Business Credit Initiative (SSBCI). The announcement came in a Zoom press conference attended by Governor John Bel Edwards who explained the funds will help small business that employ more than half of the workers in the state.
“Here in Louisiana more than 99% of our businesses are small businesses, 53% of our employees are employed by small business and in a state with 4.65 million people there are 464,000 small businesses out there. So that kind of tells you how important this is to us,” Edwards said.
When asked about how the funds would be distributed, Edwards explained the program will be made available for businesses throughout the state.
“We’re going to make sure these funds are allocated across the state,” Edwards said. “Economic diversity is only possible if there’s also geographic diversity.”
Louisiana’s allocation of the Small Business Credit funding is nearly nine times larger than the $13.2 million it received in the 2010 initiative. The bulk of the $113 million – up to $91.5 million – is allocated to the venture capital and seed programs. Details about the program can be seen at the website: www.LouisianaSSBCI.com
