[StBernard] Update From State Representative Nita Rusich Hutter

[Westley Annis]

Update From State Representative Nita Rusich Hutter

October 23, 2006


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The following information is being forwarded to you by request of the
Louisiana Recovery Authority. 


Governor Blanco, LRA, LED and OCD Launch Next Wave of Business Assistance 
Firms Invited to Submit Proposals to Administer the Assistance

BATON ROUGE, La. (October 20, 2006) - Governor Kathleen Babineaux Blanco,
the Louisiana Recovery Authority, Louisiana Economic Development, and Office
of Community Development today launched the Small Firm Recovery Loan and
Grant (SFLG) Program and the Technical Assistance (TA) to Small Firms
Program, the next phase of a broad package of direct assistance to
businesses impacted by hurricanes Katrina and Rita. 
The programs are designed to stabilize and invigorate thousands of
businesses and non-profit agencies in storm-affected areas by providing
low-cost financing, as well as strategic planning, marketing, legal and
other technical assistance small businesses need to thrive in a
post-hurricane environment. 

The $38 million loan and grant program and $9.5 million technical assistance
program are among $332.5 in federal hurricane recovery (Community
Development Block Grant) funds that Blanco, the LRA, and the Legislature
have committed to economic recovery. Other programs launched in recent weeks
provide workforce training and small-business bridge loans.

"We want to do everything in our power to help businesses bounce back
stronger after the storms. Of course that means financing, but it also means
getting the technical help they need to change their approach to business.
It's a different world post-Katrina and Rita, but our businesses can adapt
if given the proper guidance and support," Blanco said. 

The state issued Solicitations for Grant Applications from nonprofits,
Community Development Financial Institutions and others seeking to act as
intermediaries to provide loans, grants, and technical assistance to small
companies and nonprofits. The solicitations are due December 1, 2006, and
can be found at http://www.lra.louisiana.gov/rfpmainpage.html. Small
businesses and nonprofits are expected to be able to access the services by
early January 2007.

The Small Firm Recovery Loan and Grant Program is modeled after a similar
program used in New York after 9-11. It focuses on small firms, including
nonprofits, that contribute to the economy and maintain and create jobs, but
that may not qualify for bank and/or SBA loans. 

The Technical Assistance program is aimed at the many small, locally-owned
firms in Southeast and Southwest Louisiana that were seriously affected by
the storms, continue to be impacted by the lower population and dearth of
tourists in the regions, and contribute to the character of the region in
which they are located. It is also designed to serve entrepreneurs and
individuals seeking to start new businesses in the affected areas. 

Hurricanes Katrina and Rita devastated South Louisiana, killing 1,464 people
and destroying more than 200,000 homes and 18,000 businesses.