LED Growth Network: Because things are so fluid, I am documenting the below information as accurate as of 8:00am on April 2, 2020.
Yesterday, LED announced a new Loan Portfolio Guaranty Program (LPGP). Louisiana businesses impacted by COVID-19 and with less than 100 employeesmay be eligible for loans of up to $100,000. Loans will require no payments (or bear any interest) for first six months and carry below-market interest rates not to exceed 3.5% (possibly less depending upon the lending institution). The LPGP will supply capital to create a loan guaranty fund of up to $50 million, which LED would guaranty 20% of the pool allocated to each participating bank.