Recovery applications being accepted

(AP) – Applications are being accepted for a second round of loans and grants being offered to small businesses struggling to recover from hurricanes Katrina and Rita.

The state will hand out $80 million in loans and grants, funded with federal recovery aid.

Applications will be accepted through July 18. The awards will be a 20 percent grant and 80 percent, interest-free loan. Economic development officials say the awards will range from $20,000 to $100,000 for most eligible businesses.

To be eligible, the businesses can’t have more than 100 employees. They must have a minimum pre-storm annual gross revenue of $25,000, must be in one of 20 south Louisiana parishes, and must have either sustained a 20 percent revenue loss or a $20,000 asset loss because of the storms. More information is available by visiting www.LouisianaForward.com or by calling 1-877-610-3533.