APPLICATIONS
ARE CLOSED.

InvestNOLA is no longer accepting applications. All applications that have been submitted are under review; applicants will be contacted by the lending organizations.

InvestNOLA COVID Relief Loan Fund

FAQs

Frequently
Asked
Questions

Who is eligible?
  • Small Business Owners and Sole Proprietors
  • Businesses must be located in Orleans Parish
  • Business must have been in operation as of February 15, 2020
  • Annual receipts are less than $500,000 
  • Business has no more than 10 employees 
What are the minimum and maximum loan amounts?
  • Minimum Loan Amount – $10,000
  • Maximum Loan Amount – $50,000

(Loan amount will be determined in the underwriting process, based on borrower’s need and capacity for repayment)

What are the loan terms?
  • Loan Term – Up to 66 months
    (Loan term will be determined in the underwriting process, based on the loan amount and borrower’s capacity for repayment
  • First payment due: 6 months after loan disbursement.
    (Monthly payments will be deferred for the first 6 months of the loan.)
  • Final 10% of principal loan amount may be forgiven* at the end of the loan term.
    *Loan must be paid as agreed and in good standing for 10% forgiveness
What are the allowable uses of funds?

The program is designed to support the sustainability of the business, and will be flexible, allowing the applicant to identify the most urgent financial needs of the business.  

Some applicable uses of funds include payroll, rent, mortgage payments, equipment, operating capital, insurance, technology upgrades and subscription fees, etc. 

The applicant will be required to demonstrate how the funding will assist the business to remain financially and operationally viable for a minimum of 12 months.

What is the processing timeframe?

Loans will be processed within 3-5 weeks of receipt of all required documentation.

What are the priorities?

Priority Geographical areas: 

  • Claiborne Avenue Corridor
  • 7th Ward
  • New Orleans East
  • Algiers
  • Bayou Road
  • Footprint of the Hardrock Collapse

Priority will be given to businesses that have not received federal COVID-response loan and/or grant funding. You may visit the Crescent City Biz Connector at  www.nolaba.org/connector/ for local assistance.

What documents are required?
  • Complete Application
  • 3 Years of Business & Personal Tax Returns
  • Personal Financial Statements (all owners)
  • Articles of Incorporation
  • Occupational License
  • Personal Resume of owner(s); Corporate Capability Statement
  • Any industry licenses/certifications
  • Photo Identification
How do I access technical assistance?

Program applicants will have access to technical assistance from the participating CDFI lenders and other local small business assistance providers.

Is there a pre-payment penalty?

Pre-payment penalties do not apply.

How many loans do you anticipate making?

We anticipate making 60+ loans. Applications will be accepted and processed on a first-come, first-served basis until funding has been exhausted.

ADDITIONAL QUESTIONS?

CONTACT US!