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Asset Builders of SWLA Wants to Help Small Business Owners
Business Capitalization Program orientation being held Feb. 12
The Asset Builders Program is known for helping residents in the five-parish area with low-to-moderate incomes to save to buy homes. With the addition of the Business Capitalization Component, the program is also able to help existing business owners capitalize on their investments.
A partnership of the Calcasieu Parish Police Jury Human Services Department, Project Build a Future, the Lake Charles North Redevelopment Authority, the Southwest Louisiana Economic Development Alliance and the Louisiana Small Business Development Center at McNeese State University, this initiative is being partially funded through the Calcasieu Parish Public Trust Authority and other local agencies. Matches are handled through a federal Individual Development Account (IDA) run by Asset Builders of Southwest Louisiana, along with a partnering bank.
Those eligible for the program are business owners in the five-parish area who meet the following criteria: They must live in Allen, Beauregard, Calcasieu, Cameron, or Jeff Davis parishes; must be one year active in business; must have a gross household income that is less than 200 percent of the federal poverty line and $10,000 or less in personal/business assets; must have a business banking account, EIN, Schedule C (if applicable), and occupational license (if required by their local government); and they must attend a program orientation and a series of CORE Training classes.
Those accepted into the program would open IDAs to capitalize on their existing businesses. IDAs are savings accounts that match the deposits of participants - up to a pre-determined maximum. The match program can be as brief as six months or as long as two years. First Federal Bank and JD Bank are the banking partners in this initiative.
To apply, pick up an application at Project Build A Future, 2306 3rd St.in Lake Charles, or contact Alyssa Hebert at 337-439-7191 or firstname.lastname@example.org. Applications will be processed in the order they are received.
A program orientation is being held from 6-7 p.m. Tuesday, Feb. 12 at the Allen P. August Multipurpose Annex, 2000 Moeling St. in Lake Charles. The orientation will cover information such as eligibility criteria, eligible uses of the grant funds, and required course work.
For more information about the program, visit www.assetbuildersswla.org.