Upcoming Deadline Announced for Third Round of Small Business Stabilization Funds for Lake Charles Businesses

The City of Lake Charles announced the third round of Small Business Stabilization Fund money on December 8, 2022.
The application period ends on December 14, 2022.

The Hunter administration announced the first round of this effort in 2020, before Hurricanes Laura and Delta, to aid small businesses hurt by COVID-19. CDBG-CV funds the Lake Charles Small Business Stabilization Fund. March 2021 saw another fundraising round.

“Community Development Block Grants, or CDBG, are federal funds that have specific eligibility requirements shaping how we are able to award the funds at the local level,” said Mayor Nic Hunter. “When we originally announced this program in 2020, we were proud to have a program making a direct, positive impact for local, small businesses that have been so heavily impacted COVID-19. This program became even more critical following Hurricanes Laura and Delta and the subsequent disasters of 2021. Small businesses are vital for the survival of our neighborhoods and, like so many, were dealt several devastating blows in 2020 and 2021. We are committed to being a part of helping get them back on their feet because when you help save a small business, you don’t only help save that business owner; you help save all of the employees and their families connected to that business.”

The program offers forgivable loans up to $5,000.

The sign-up form is accessible at the Lake Charles City Hall (326 Pujo Street) from 9 a.m. to 5 p.m. 8 a.m. to 4 p.m. and by following this link. The deadline is December 14. Only businesses in Lake Charles’ corporate bounds will be eligible, and they must have a physical location that relies on in-person foot traffic. Business owners that sign up will be contacted by the city for a pre-screening interview.

Applicants must supply financial data. Income parameters will be used to determine eligibility.

In February 2021, 24 locally owned small businesses received $5,000 in forgivable loans from this initiative.

The second batch of payouts, in September 2021, helped seven local small enterprises. The candidates get $5,000 forgiven loans.

For more information, contact the Lake Charles City Office of Community Development at 337-491-1440.