Jay H. Banks
NEW ORLEANS - The Small Business Administration announced the Restaurant Revitalization Fund (RRF), on Tuesday, April 27, and District "B" Councilmember Jay H. Banks is showing his support. The fund was created as part of the American Rescue Plan Act so that restaurants and other eligible businesses could get funding to keep their doors open. The RRF also includes specific requirements to ensure equitable distribution to small business concerns owned by women, veterans, and socially and economically disadvantaged applicants.
|
"There are many restaurants and bars in District B and throughout the City that would benefit from this program," Councilmember Banks says. "The economic impacts of the pandemic have been devastating, especially to our small businesses who have had to shut their doors or operate in a limited capacity. We hope that New Orleans restaurants and bars can take advantage of this opportunity and get our economy back on track."
The program will provide funding equal to pandemic-related revenue loss. For applicants who meet the requirements, this could mean up to $10 million per business, with no more than $5 million per physical location. The minimum award will be $1,000. As long as funds are used for authorized purposes, no later than March 11, 2023, recipients are not required to repay. Eligible businesses range from bakeries to distilleries and caterers to food trucks. Review the program guide for all details and to see if a business qualifies.
The City is hosting a free webinar today, April 30, from 1:30 pm to 2:30 pm to discuss the Restaurant Revitalization Fund, with the Louisiana Deputy District Director of the US Small Business Administration as a guest speaker.
The registration portal opened today, April 30. Businesses may start the application process on Monday, May 3 at 11 am.
|
|
|
###
Media Contact:
Jenna Burke
Chief of Staff
Councilmember Jay H. Banks, District B
504-658-1021
Jenna.Burke@nola.gov
|
|