Restaurant Recovery Initiative The Seedco Financial Restaurant Recovery Initiative was created specifically to address the financial needs of those locally-owned and operated restaurants adversely affected by hurricanes Katrina and Rita. The primary component of the Seedco Financial Services Restaurant Recovery Initiative is a recovery loan fund focused on restaurants throughout the city and surrounding parishes Key features/terms of the loan fund include: Loans of $5,000 to $200,000 Term loans available for working capital, equipment purchases, refinancing, improving leased/owned space, and for costs associated with creating, sustaining or expanding a business. Bridge loans are also available in some cases. Below-market rates (7% to 9%) Extended payback periods on term loans (3 to 7 years) Tailored to the restaurants’ specific needs. Eligibility: Locally-owned and operated restaurants that employed 50 people or fewer at the time of the storms, have been adversely impacted by the storms, were operating for at least one year prior to the storms, possessed a solid customer base, and demonstrated the ability to handle debt. A commitment to building or rebuilding the business is also essential. Call (504) 520-5729 or email GulfCoast@seedco.org to discuss your restaurant’s situation. Agency: Seedco Financial Services Gulf Coast Division/Xavier University Telephone: (504) 520-5729 Web: http://www.seedcofinancial.org Last Updated: Sep 11, 2007 Click the tab to get listed to request that new information be added to the guide. To report an inaccuracy, or to request more information, please send us feedback.