Small business support program launches in New Orleans
The New Orleans Business Alliance (NOLABA), the City of New Orleans, and other partners, including LiftFund, NewCorp, Inc., and TruFund Financial, have announced a major new initiative to support the capital needs of local small businesses during and beyond the COVID-19 pandemic. The InvestNOLA COVID Relief Loan Fund announced during today’s press conference and webinar was made possible through a $2M investment from the City and additional funding from the InvestNOLA Community Development Financial Institutions (CDFI) Consortium.
The New Orleans Business Alliance, the City of New Orleans and other partners, including LiftFund, NewCorp, Inc., and TruFund Financial, have announced an initiative to support the capital needs of local small businesses during and beyond the COVID-19 pandemic.
The InvestNOLA COVID Relief Loan Fund will provide capital for businesses in Orleans Parish.
Business owners can apply for loan amounts between $10-50K at 6% APR with loan terms up to five and half years, a news release said. The first six months of payments may be deferred, and the final 10% of the principal loan amount will be forgiven at the end of the loan term.
The Fund is made possible through a $2 million investment from the city and additional funding from the Invest NOLA Community Development Financial Institutions Consortium.
