Businesses Awaiting Insurance Payments News

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. 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.