$30M Bridge Loan Program Distributed to Business Community

Monday, April 03, 2006
Louisiana Governor Blanco announced that the $30 million Extended Bridge Loan program for small businesses affected by last year's hurricanes has been depleted in less than three weeks. The program has authorized 326 loans, with loan amounts averaging approximately $88,000 each. The program was designed to provide cash infusions for businesses awaiting insurance payments or other financial assistance. "Extended Bridge Loans are helping small businesses across South Louisiana rebuild, re-hire and rejuvenate their operations," said Governor Blanco. "Each business that we help sustain adds to South Louisiana's recovery and the overall economic health of the entire state." Initiated by Louisiana Economic Development (LED), the program was administered through the Louisiana Public Facilities Authority (LPFA) and private banks. "We anticipated that the urgent need for funds would quickly deplete the available pool. This is another verification of our small businesses' critical need for access to capital," said LED Secretary Michael J. Olivier. By using community banks to process the loans, the state was able to expedite the timetable for application, authorization and receipt of funds. "The Louisiana Extended Bridge Loan program accomplished its goal, which was to get cash quickly in the hands of small Louisiana businesses," said James W. Parks, II, president and CEO of LPFA. "The program's success is testimony to what can be accomplished when state government, private banks and an organization such as LPFA join forces. The participating banks did an outstanding job of promptly processing loan applications." Robert T. Taylor, senior vice president and director of government relations for the Louisiana Bankers Association added, "Bankers were brought in on the front end of the program's development, and together with LED created an efficient way to deliver loans to small businesses. This is an example of what can be accomplished when the desire is there to be successful." The Extended Bridge Loans are the second phase of a program initiated in October 2005. That loan pool was also depleted in less than one month. LED expects to re-fund the program as loans are repaid and as the state receives the additional Community Development Block Grant money promised by the federal government and dedicated by the Louisiana Recovery Authority for this purpose.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1151 sec (9 req/sec)