News / Article

BioFund passes $2 million in loans for startups in Southeast Louisiana

Source: nola.com - Aug 28, 2014

The low-interest loan program called the BioFund has issued more than $2 million in loans to 12 businesses that account for 135 jobs in Southeast Louisiana, said a progress report released Wednesday (Aug. 27) by the New Orleans BioInnovation Center, which runs the fund.

The federal Department of Housing and Urban Development provided the funding to support businesses in a 12-parish area impacted by Hurricane Katrina. The Louisiana Office of Community Development, Disaster Recovery Unit, channeled the money to the program at the BioInnovation Center.

It loans money in increments of $50,000 to $250,000 with a goal of ultimately disbursing $2.55 million from the initial HUD funding.

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Category: Louisiana