Louisiana has a vibrant small business landscape, as the Pelican state is the proud home to over 400,000 small businesses. Anyone who owns and operates a business—or is considering opening a business—needs funding. Below is a comprehensive list of business grants and loans only available to Louisiana-based businesses. Peruse these funding options to discover if you’re eligible.
Department or Agency: Louisiana Economic Development
Loan or Grant title: Small Business Loan Guaranty Program
While not a direct loan or grant, the Small Business Loan Guaranty Program through Louisiana Economic Development is a valuable program for small businesses that face challenges when it comes to accessing traditional financing. The maximum guaranty is 80% or $1.5 million, with a minimum equity requirement of 15% and guaranty fee ranging from zero to two percent. Eligible businesses must have offices in Louisiana and be registered to conduct business in the state. Applicants must also have fewer than 500 employees. Funds can be used toward working capital, tenant improvements, purchasing equipment and inventory, and other expenses.
Department or Agency: Louisiana Economic Development
Loan or Grant title: Micro Lending Program
Louisiana Economic Development offers targeted loans through its Micro Lending Program, which is designed to help underserved small businesses receive access to capital. Loan amounts range from $1,000 to $100,000 for companies with 100 employees or less. Eligible companies are registered to conduct business and have an office in the state of Louisiana. Funds can be used toward working capital, purchasing equipment and inventory, and other startup and expansion project costs.
Department or Agency: Louisiana Economic Development
Loan or Grant title: Louisiana Seed Capital Program
Louisiana-based small businesses that are just starting up or that are in the early stages may be eligible for seed capital from Louisiana Economic Development. The goal of the program is to increase economic development within the area and spark job creation and retention. The program places priority on socially and economically disadvantaged individuals and small businesses that are considered Very Small Businesses (VSBs) by the U.S. Department of Treasury. Eligible companies are registered to conduct business in the state of Louisiana and have an office in the state. Applicants must also have 500 or fewer employees. Working capital, business procurement, inventory, and other business costs are all allowable expenses for the use of seed capital funds.
Department or Agency: Restore Louisiana
Loan or Grant title: Small Business Loan Program
Restore Louisiana’s Small Business Loan Program was created to help small businesses recover following Hurricanes Laura, Delta, and Ida—as well as the severe storms the area experienced in May 2021. Businesses with 50 or fewer employees that operated during the natural disasters and suffered a financial or physical loss related to hurricanes or storms are eligible to apply. Note that the application window closes on December 31, 2023.
Department or Agency: Shreveport Community Development
Loan or Grant title: Shreveport Inner-City Economic Development Initiative Loan Program
With a goal to improve economic development in the city, Shreveport Community Development created a loan program to assist small businesses that have faced challenges acquiring traditional funding options. The borrower must have been previously turned down by a public financial institution. Funds can be used to purchase inventory and equipment, new construction and renovation, infrastructure, and other expenses.
Department or Agency: Baton Rouge North Economic Development District
Loan or Grant title: Facade and Signage Improvement Program
The Facade and Signage Improvement Program is a 50/50 matching grant program that provides awards of up to $5,000 to help improve visible building areas, signage, and storefronts. Businesses must be located within the Baton Rouge North Economic Development boundaries in order to be eligible.
Department or Agency: Greater New Orleans
Loan or Grant title: The New Orleans Startup Fund
The New Orleans Startup Fund was designed to help early-stage companies accelerate into the marketplace by providing seed capital. Southeast Louisiana startups in the pre-revenue phase but with viable business plans may be eligible for capital ranging from $25,000 to $100,000. In addition to financial assistance, the fund also provides technical support and other resources.
