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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.

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