PROP, the Louisiana Office of Community Development’s Project-Based Opportunity Program, is now accepting new applications. This program “provides direct low-interest loans ranging from $500,000 to $5 million at a minimum one percent annual interest rate to eligible businesses in the 20 parishes impacted by hurricanes Katrina and Rita.” The funds can be used for purchasing real estate, equipment, and inventory. Current and prospective seafood businesses may be able to utilize this program to establish or expand their operations. There are certain criteria that businesses must meet to qualify. For more information go to the OCD-DRU website (doa.louisiana.gov/cdbg/DR/DRprop.htm) or contact Debra Willis, debra.willis@la.gov, 504-556-9793.

Source: Louisiana Seafood Promotion and Marketing Board Memorandum, July 23, 2012: Notice – State of Louisiana Re-Opening Business Recovery Loan Program.