WASHINGTON, D.C. (BRPROUD) – Louisiana was approved for $113 million out of a multi-billion-dollar initiative to support small businesses, according to Governor John Bel Edwards Tuesday morning.
The governor’s office said the initiative was established in 2010 to help small businesses in need of capital to expand and create jobs. In 2021, the American Rescue Plan Act expanded the initiative to include underserved communities.
“This award of up to $113 million is significant news for our entrepreneurs and small business owners in Louisiana, especially in communities that have historically struggled to attract business capital and investment,” Gov. Edwards said. “Small businesses have long been the backbone of our economy in Louisiana, and they bore some of the most challenging economic burdens since the onset of the COVID-19 pandemic. This program will put substantial federal funding into capital programs for small businesses and entrepreneurs most in need of support in our state.”
The money in Louisiana will go to five small business support programs: Venture Capital (LVCP), Seed Capital (LSCP), Micro Lending (MLP), Collateral Support (CSP), and Small Business Laon Guaranty (SBLGP). The majority of funds, $91.5 million, will go to venture capital and seed programs, Gov. Edwards’ office said.
“This is a historic investment in entrepreneurship, small business growth and innovation through the American Rescue Plan that will help reduce barriers to capital access for traditionally underserved communities,” Secretary of the Treasury Janet L. Yellen said. “I’m excited to see how [State Small Business Credit Initiative] funds will promote equitable economic growth in Louisiana and across the country.”
To find details regarding programs in Louisiana, click here.
