More Hurricane Recovery Loans Made Available

To boost the recovery of small businesses from Louisiana's string of devastating hurricanes, the state is working with 20 nonprofit organizations to distribute $20 million in loans and other help.

Paul Rainwater, the commissioner of administration, says the money is meant to boost the recovery of areas hit hard by hurricanes Katrina, Rita, Gustav and Ike. The money comes from federal aid.

The state said Monday that the nonprofits would hand out $14.3 million in low-interest loans to small businesses. The loans range from $50,000 to $500,000 and have to be paid back between five and 15 years.

Also, the nonprofits are getting $5.7 million to help small businesses with such things as business management, strategic planning, accounting, insurance, marketing and legal expertise.