- Small Business Rebirth Fund Awards Second Round of Grants to Flood-Impacted Companies
- October 13, 2016
- Law Firm: Taylor Porter Brooks Phillips L.L.P. - Baton Rouge Office
The Louisiana Small Business Rebirth Fund announced nearly $200,000 in grants to 50 small businesses impacted by the August flooding across South Louisiana. This is the second distribution from the Fund, bringing the total grant recipients to 107 and the total funds disbursed to nearly $550,000. Second-round grants were made to small businesses in Acadia, East Baton Rouge, East Feliciana, Iberville, Lafayette, Livingston, St. Martin and Tangipahoa Parishes, representing industries including daycare, auto repair and service, restaurants, contractors, medical providers, grocery stores, retail, and veterinary clinics.
An independent committee with technical, accounting and legal expertise reviewed the applications to prioritize grants to affected businesses. Eligible small businesses must have been located within one of the parishes included in the federal disaster declaration area, have 50 or fewer employees, be registered with the Louisiana Secretary of State, and have been in business on August 10, 2016. Donations to the Rebirth Fund from large and small businesses as well as individuals around the country made the second round of grants possible. Donations are tax deductible and 100 percent is awarded directly to affected small businesses.
The Rebirth Fund will continue to accept donations, and will make a determination on a third round of funding based on available resources. The Louisiana Small Business Rebirth Fund was created to provide need-based triage grants ranging from $1,000 to $10,000 to help small businesses recover.
The Baton Rouge Area Chamber (BRAC) and the Louisiana Association of Business and Industry (LABI) announced in August the creation of the Louisiana Small Business Rebirth Fund, representing partnership with Greater New Orleans, Inc. (GNO, Inc.), the Louisiana chapter of the National Federation of Independent Business (NFIB), the Louisiana Association of Chamber of Commerce Executives (LACCE) and One Acadiana. NOLA Media Group pledged $100,000 in seed funding to initiate corporate donations. Since then, dozens of companies, individuals, and business organizations have contributed to the Fund.