Disaster Field Operations Center West
Release Date: Feb. 25, 2019 Contact: Richard A. Jenkins, (916) 735-1500, Richard.Jenkins@sba.gov
Release Number: LA 15879-01 Follow us on Twitter, Facebook, Blogs & Instagram
SBA Economic Injury Disaster Loans Available to Louisiana Small Businesses
SACRAMENTO, Calif. – Small nonfarm businesses in 36 Louisiana parishes and neighboring counties in Texas are now eligible to apply for low interest federal disaster loans from the U.S. Small Business Administration, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West. These loans offset economic losses because of reduced revenues caused by rain and flooding in the following primary parishes that occurred Aug. 25 - Nov. 16, 2018.
Primary Louisiana parishes: Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Calcasieu, Cameron, Catahoula, Jefferson Davis, LaFourche, St. Charles, St. James, St. John The Baptist, St. Landry, Terrebonne, and Vermilion;
Neighboring Louisiana parishes: Caldwell, Concordia, East Baton Rouge, Evangeline, Franklin, Iberia, Iberville, Jefferson, LaSalle, Lafayette, Livingston, Pointe Coupee, Rapides, St. Martin, St. Mary, Tangipahoa, Tensas, Vernon and West Feliciana;
Neighboring Texas counties: Jefferson, Newton and Orange.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield said.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 3.675 percent for businesses and 2.5 percent for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Garfield said.
By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on Feb. 19, 2019.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for economic injury is Oct. 21, 2019.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Terrebonne and Lafourche parishes saw a combined increase of more than $11.5 million in sales tax revenues last year, a sign that the local economy may be improving.
Local sales taxes are divided between parish government, law enforcement and levee, road and school districts.
According to totals from the Terrebonne Sales and Use Tax Department, Terrebonne Parish collected about $120 million last year. That’s a $3.7 million increase from 2017.
This is the second year in a row of increased sales tax revenue for Terrebonne.
Lafourche’s gains were even stronger. According to monthly collection totals reported by the Lafourche School Board’s Sales Tax Department, the parish collected about $80.2 million in 2018, a $7.8 million increase.
This is the first increase the parish has seen in at least four years and brings collections back up to the level seen in 2015.
“An increase is sales tax revenue means a better, stronger and more viable Lafourche. We continue to promote #buylocal and are grateful to wait for a table to dine in our restaurants,” Lafourche Chamber of Commerce CEO Lin Kiger said.
Numbers at a glance
$120 million in total collections.
Monthly collections average $10 million.
Up $3.7 million from 2017.
Continuing two-year upward trend.
Parishwide sales tax rate is 5.5 percent.
$80.2 million in total collections.
Monthly collections average $6.7 million.
Up $7.8 milllion from 2017.
First increase since 2014.
First time breaking $80 million since 2014.
Parish sales tax rates vary from 4.65 to 5.4 percent.
“We have continued to witness an increase in trucks on our highways and are hopeful that this activity only adds to the sales tax collection in 2019 and beyond,” Kiger said. “We look forward to more jobs and opportunities and growth on the horizon.”
The last time the parish broke $80 million was in 2014 when it collected about $83.2 million. Since the economic downturn, Lafourche sales tax collections reached a low of $72.4 million in 2017.
“As always, it is our hope to see collections continue to grow — allowing additional dollars for infrastructure, education and tourism throughout our parish,” Thibodaux Chamber of Commerce CEO Tammy Ledet said.
Terrebonne’s lowest point in recent years was $98.5 million in 2010.
The sales tax numbers are starting to match up with other economic indicators, said Matt Rookard, Terrebonne Economic Development Authority CEO.
Local unemployment numbers started to stabilize at the end of 2018, signaling the beginning of the slow recovery cycle, he said.
“The increased sales tax revenue is a good sign that our economy is going in a positive direction,” said Nicol Blanchard, Houma-Terrebonne Chamber of Commerce CEO. “Consumers are enjoying the low gas prices allowing them to have more spendable income while the oil and gas industry becomes more efficient and optimistic when planning for the future. The chamber is encouraged by this growth and hopes that it continues.”
In the future, 2017 will probably be known as one of the toughest economic years as the area stayed at the bottom of the down cycle, Rookard said.
“We were at the bottom and stayed there for a significant time,” Rookard said. “I do think there’s a recovery coming.”
As the job market stabilizes, consumer confidence will increase, and that drives sales taxes, he said.
As TEDA continues to look for new development opportunities, companies are pivoting from getting by to planning for growth.
Staff Writer Julia Arenstam can be reached at 448-7636 or firstname.lastname@example.org.
Local businessman touts efficiencies learned
Applications are being accepted through March 30 in the Bayou Region for the CEO Roundtable program. It brings together key decision makers 10 times a year to collaborate in a trusted environment to grow their businesses.
The free program, presented by Louisiana Economic Development, will begin meeting in July at Fletcher Technical Community College on La. 311. It offers peer-to-peer learning through discussion, interaction and sharing of experiences with qualified facilitators, expert guest speakers and connections to various small business resources.
“I highly recommend it, especially for those who think they don’t have time to do it,” said Jason Bergeron, partner of Technology Professionals in Houma. “The efficiencies and information you pick up in peer-to-peer conversations pay for time invested. You’re able to take information from each session and apply it to increased earning potential of your company immediately.”
To qualify, applicants must be a CEO, business owner or key decision maker in a company that has between 5 and 100 employees, approximate annual revenue between $600,000-$50,000,000 and the potential to serve customers outside the local area. High-growth potential companies will be given additional consideration.
For more information or to apply, visit OpportunityLouisiana.com/CEO-Roundtables or contact Darrell Johnson at 225-342-4680 or Darrell.email@example.com. Questions can also be directed to Katherine Theriot at Terrebonne Economic Development at 985-873-6890.
Researchers from Southern University of New Orleans are seeking local businesses’ input about what programs or assistance have helped business recover quickly in prior flooding events, or what ideas you have that could help your business (or others) return to productivity quickly in future floods. They plan to compile the suggestions to help shape future policies and programs.
Please fill out the questionnaire, scan and email to firstname.lastname@example.org for submission to SUNO. You are encouraged to add a page for further suggestions.
Employers in Terrebonne and Lafourche parishes can easily find new employees educated through local schools as part of the state’s Jump Start career pathway program.
“Say you’re a retailer looking to increase your staff for the holiday shopping season. Wouldn’t it be nice to hire a young person for evening shifts who has some training in customer service?” the Terrebonne Economic Development Authority said in a news release.
Terrebonne Parish public school students earned more than 3,000 certifications by their 2018 graduation, TEDA said.
Jump Start is Louisiana’s career and technical education program that aims to begin career training while students are still in high school, allowing them to earn industry-based certifications and a career diploma.
High school student are earning certifications in the areas of automotive, health care, food service, web design, emergency medical services, construction, carpentry, electrical, welding, transportation, agriculture, business and more.
“These Jump Start career diplomas give students a level of knowledge in these areas, offering companies new options when hiring entry-level staff and providing students skills sets upon which they can build through their career or further education,” TEDA said.
In 2018, TEDA said, about 42 percent of Terrebonne graduates, or 480 students, received 3,361 certifications. Next May, the system anticipates graduating about another 450 with certifications.
TEDA is organizing a spring job fair to help the pending graduates. Call 873-6890 for information about Jump Start graduates or if your company is interested in participating in the job fair.
The Terrebonne Economic Development Authority is moving forward with local development efforts, despite a downturn in revenue.
CEO Matt Rookard presented an overview of the quasi-governmental agency to the Parish Council Wednesday.
The agency was restructured in October 2015 after remaining dormant for about a year. Rookard was hired in 2016. It has a nine-member board and a three-member staff that handles economic development efforts for the parish, such as business recruitment and retention and workforce training.
Between 2016 and 2018, the organization has lost $450,000 from the parish, but that money has been used to pay for other economic development measures such as the dredging of the Houma Navigation Canal and the Schriever train station, Rookard said.
The cuts are in line with other cuts made parishwide due to declining tax revenues, he said.
The agency receives its money through a portion of fees collected through the occupational businesses in the parish.
Despite the cut, TEDA has been using reserve money to keep some operations growing, including organizational reviews, branding and strategic advertising.
When Rookard first took the job, the agency reviewed every detail as part of a larger organizational management.
There were some pretty significant issues, which were part of the reason why the agency was shut down, he said.
“It took a lot longer than I thought it was going to take, but I feel confident in where we are now,” Rookard said. “It was very important to me to start with a very good foundation from an organizational standpoint where you could not come back and look at TEDA and say we’re doing something wrong.”
In terms of branding, the group has created a new logo, a new website and a promotional video.
TEDA is working to become an inaugural member of the state’s retirement community certification program, Rookard said.
The agency is also working on a plan to create a sports tourism faction, called HT Sports, to recruit major sporting events around the parish.
HT Sports could take over operations of the long-awaited Bayou Country Sports Park, but no agreement to that effect has been officially proposed.
However, most of TEDA’s efforts are focused on business retention and expansion.
“Bringing in new business is nice, but keeping businesses from leaving is absolutely crucial,” Rookard said.
As far as new businesses, the parish faces the challenge of having a surplus of land, but at a higher ticket price and with very few spec buildings, he said.
To move TEDA forward, the agency will be asking for an increase in revenue next year.
“As we go forward, we have to start making decisions on whether we’re going to fund these types of programs or whether we’re just going to continue to do the business retention and responses,” Rookard said. “I’m proud of work we did, but if we had more resources, we will continue to do more.”
Many of the council members expressed support of the work TEDA is doing.
“We definitely need to invest in economic development, to the right amount,” Councilman Darrin Guidry said. “But not over invest. That might have been some of the faults of the previous TEDA.”
“I think you’re going to a great direction. I look forward to continuing supporting you and your efforts and your outstanding committee,” Councilwoman Arlanda Williams said.
Staff Writer Julia Arenstam can be reached at 448-7636 or email@example.com.
Terrebonne Economic Development Authority CEO Matthew Rookard outlined his organization’s plans for growing Terrebonne Parish’s economy Tuesday before the Houma-Terrebonne Chamber of Commerce.
Registration begins June 26, 2017 and last day to register for class will be September 11, 2017.
The Louisiana Contractors Accreditation Institute, a partnership between Louisiana Economic Development, Louisiana Community & Technical College System and the Louisiana State Licensing Board for Contractors offers small and emerging construction Businesses critical information about construction management and how to prepare for the Business Law parts of the contractors state licensing exam.
A new casual craft pizza and beer restaurant will open in Houma late this summer offering pizza and panini, as well as gelato and craft beer.
Your Pie is set to open Aug. 1 at 1378 W. Tunnel Blvd. Aug. 1, across from the Plantation Inn, but Ricky Reaves, the owner and local entrepreneur, said he’s aiming to open a bit sooner.
TEDA's Board President, Mr. Chad Hebert, shows appreciation to Mr. Kerry Chauvin for his time served as President on the Board of Directors. Thank you Kerry for your generous commitment of time, support and inspiration to TEDA.