business

Small Business Assistance Fund
9:46 am
Wed September 19, 2012

Business loan fund announced in New Orleans

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.

Hurricane Isaac
1:14 pm
Tue September 18, 2012

Isaac costs Entergy at least $400 million

Entergy Corp. says its estimated damages from Hurricane Isaac range from $400 million to $500 million, and the storm is expected to reduce the utility's third-quarter revenue.

In a news release on Tuesday, Entergy said it will pursue all reasonable avenues to recover storm costs, including using its storm reserves, borrowing, additional charges for customers, and insurance.

Entergy said it is unable to predict the degree of success it may have in these initiatives, the amount of restoration costs it may recover or when it may recover them.

Out to Lunch
1:02 pm
Mon September 17, 2012

Make It Right

Peter Couhig, President and CEO of Resource Environmental Solutions.
Grant Morris It's New Orleans

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.

Ameristar Casino
12:58 pm
Mon September 17, 2012

Ameristar: Casino project on schedule

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.

Business
2:34 pm
Fri September 14, 2012

Judge asked to toss claims spill hurt BP brand

BP PLC has asked a federal judge to dismiss claims by its fuel dealers that the 2010 oil spill in the Gulf of Mexico diminished the value of the BP brand and cost them business.

U.S. District Judge Carl Barbier didn't immediately rule Friday after hearing arguments on the company's request.

BP attorney Christopher Landau says claims that BP dealers lost money due to "consumer animosity" after the spill aren't covered by either the Oil Pollution Act of 1990 or general maritime law.

A lawyer for BP dealers argues other federal and state laws apply to their claims.

Oil Industry
1:45 pm
Fri September 14, 2012

Production starts at ultra-deep Gulf oil field

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.

Film Industry
3:43 pm
Thu September 13, 2012

$15M film complex planned in St. Rose

Quixote Studios, a Los Angeles-based production services company, is breaking ground on a $15 million sound stage and "film campus" project in St. Rose.

New Orleans CityBusiness reports the first two phases are scheduled for completion in early 2013 and include two stages with 30,000 square feet of space.

Quixote CEO Mikel Elliott says the company opened a studio shop in New Orleans last year and moved to the St. Rose location two months ago.

The second phase entails two more 30,000-square-foot stages and is expected to be complete in 2014.

Piccadilly Restaurants
3:00 pm
Thu September 13, 2012

Piccadilly files for Chapter 11 bankruptcy

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.

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Business & Technology
12:11 pm
Thu September 13, 2012

Forum Energy Technologies to expand

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.

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Business & Technology
5:00 pm
Wed September 12, 2012

Small business center to open in St. John

The Small Business Administration, Louisiana Department of Economic Development and the Louisiana Small Business Development Centers will open a business recovery center in St. John the Baptist Parish for companies affected by Hurricane Isaac.

The center opens Thursday at 2013 W. Airline Highway in LaPlace.

Its hours will be 8:30 a.m.-5 p.m. on Thursdays and Fridays.

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