New Orleans Mayor Mitch Landrieu's office and the city's Office of Economic Development have announced a new program to encourage small business expansion and job creation.
The new financing program is called the New Orleans Small Business Assistance Fund. A City Hall news release Tuesday said it's a $2 million fund that will provide 8 percent interest rate loans to for-profit and nonprofit businesses for operating capital and equipment purchases.
SBAF loans are expected to range from $10,000 to $100,000. The maximum term of the loan is up to 84 months.
Brad Pitt’s Make It Right rebuilding effort in the 9th Ward was a beacon in the darkness after Hurricane Katrina and is still building houses today.
Taylor Royle, Communications Director of Make It Right, joins Peter on Out to Lunch, along with Peter Couhig, the President and CEO of Resource Environmental Solutions, who is working to save us from the next big hurricane.
Officials of Ameristar Casino say construction of a $500 million casino is moving ahead on schedule and the development should open in 2014.
The American Press reports that since July, Ameristar has removed trees, set a building foundation and completed a road that allows construction workers access to the site of its casino hotel in south Lake Charles.
Ameristar Vice President Jack Mohn said the new casino's neighbor — Pinnacle Entertainment, owner of L'Auberge Casino Resort — has been accommodating.
Petrobras USA says production has begun at its Chinook oil field in the ultra-deep waters of the Gulf of Mexico.
The company says production started last week in the field using a specialized ship that processes and stores oil and natural gas in place of a production platform. The field is being worked by BW Pioneer, a type of ship known in the oil industry as a floating, production, storage and offloading vessel, or FPSO.
Piccadilly Restaurants, a Baton Rouge-based cafeteria chain, has filed Chapter 11 bankruptcy.
Thomas Sandeman, the company's CEO, told The Advocate the filing, which was made Tuesday in U.S. Bankruptcy Court in Lafayette, will protect the value of Piccadilly, along with its employees and restaurants.
The bankruptcy filing said the chain wanted to protect itself from what it called "an aggressive legal maneuver" taken by lender Atalaya Capital Management.
Forum Energy Technologies says it plans to build a new 150,000-square-foot facility in St. Martin Parish to produce onshore and offshore drilling equipment for global customers.
Forum Energy CEO Cris Gaut says the $19 million project will replace an existing facility in nearby Broussard. The project will retain 203 existing jobs and create 125 new direct jobs with average annual salaries of more than $45,000, plus benefits. State economic development officials estimate the project will also create an additional 300 new indirect jobs.