State Treasurer John M. Schroder today announced the Louisiana Main Street Recovery Program will use $2.3 million in administrative funding to increase the number of grants that can be awarded to eligible small businesses. The transfer of funding will allow the program to award $262.3 million in grants.
“We have more applications than we can possibly fund. That’s how much our small businesses need assistance. The Legislature is to be commended for creating a program that helped a lot of small businesses stay afloat,” said Treasurer Schroder. “We tightened our belts and ran this program efficiently, allowing us to come in under budget on administrative costs. Using these dollars for grants means we’ll turn away fewer businesses. We hope to award an additional 150 grants from our current pool of applications.”