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Small business loan fund is accepting applications from New Orleans residents
Source:
nola.com
- Oct 5, 2012
By Richard Thompson, Staff writer
on October 03, 2012 at 5:51 PM, updated October 04, 2012 at 7:44 AM
The New Orleans Small Business Assistance Fund, a $2 million financing program that provides loans with relatively low interest rates to new and existing businesses, will be accepting applications until Oct. 31.
A partnership between the city and NewCorp, Inc., a nonprofit business development center, the program will provide 8 percent interest-rate loans to small businesses for operating capital and equipment purchases. The loans are expected to range from $10,000 to $100,000, for up to seven years.
To be eligible, participants must live in Orleans Parish, show financial viability and have had difficulty qualifying for a traditional loan. The loans are partially funded by the New Orleans Economic Development Fund.
The application is available online at www.newcorpinc.com.
Category: General Business
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