In response to the immediate impacts of COVID-19 on the Louisiana economy, the state, regional, and local government officials are rolling out support programs for businesses and individuals.
Through a partnership of Louisiana Economic Development (LED), the Louisiana Bankers Association (LBA), and the Louisiana Public Facilities Authority (LPFA), struggling businesses may be eligible to utilize the Louisiana Loan Portfolio Guaranty Program (LPGP).
The LPGP’s purpose is to provide loans to Louisiana small businesses in response to COVID-19. With a collaborative approach, businesses with fewer than 100 employees will have access to capital if they have experienced a sudden drop in revenues due to the COVID-19 pandemic. A portion of the loan will be guaranteed by the State. For more information on the program, visit the official LPGP website.
In the greater New Orleans region, the Disaster Response and Restoration Fund has been activated to provide near and long-term support. Further, a new initiative referred to as, GNOpivot, has been launched to aid local businesses in shifting their standard production operations to needed healthcare products.
Additional details on the state and regional efforts in response to COVID-19 can be found on the official Louisiana Economic Development website.