The Louisiana Main Street Recovery Program is adding another $2.3 million in funding to increase the number of grants that can be awarded to eligible small businesses. The additional money comes from a transfer of administrative funding and will allow the program to award $262.3 million in grants.
The program is set up to help out small businesses. State Treasurer John M. Schroder said administrative costs have come in under budget. He said with the additional funding the program hopes to award another 150 grants.
As of Nov. 20, the program has awarded more than $155 million to businesses owned by minorities, women and veterans. This is four times the amount of grants required by law.
Currently, 96% of available funds have been awarded for a total of $250 million. The rest of the awards are expected to be finalized by the end of November.
Source: Louisiana Treasury
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