The Small Business Administration released data on the Paycheck Protection Program in July and it shows how the distribution of the loan money played out in northwest Louisiana.
PPP loans were earmarked to help small businesses weather the economic fallout and uncertainty brought on by the coronavirus pandemic.
The data shows entities that were approved for PPP loans, but doesn’t show the specific loan amounts. Instead, the amounts are classified in ranges:
- $150,000 to $350,000
- $350,000 to $1 million
- $1 to $2 million
- $2 to $5 million
- $5 to $10 million
The data for the three major cities in NWLA — Shreveport, Bossier City, and Minden — showed that nearly 5,500 entities were approved for PPP loans across the three cities, according to BIZ. Magazine analysis.
The data shows 3,927 Shreveport-based entities were approved for PPP loans, while Bossier City had 1,201 entities approved and 299 in Minden.
The highest loan amount was in the $5 to $10 million range to the Shreveport-based Laboratory Management services. The highest loan in Bossier City was $2 to $5 million to Hydroline. The top Minden PPP loan was $5 to $10 million to Fibrebond.
LLCs received the vast majority of loans. In the lower range of PPP loans up to $150,00, LLCs made up 48%. The next highest was corporations at 21%, while nonprofits were the lowest at 3%.
The PPP didn’t require loan applicants to disclose their demographic information. Therefore, the overwhelming majority of PPP loans in NWLA did not indicate the race or gender of the business owner. However, of those loan applicants who did respond to these questions, the vast majority were white men.
In Shreveport alone, 403 applicants were white and only 86 Black, 13 Asian and eight Hispanic. While 814 entities were owned by men, to 286 female-owned businesses.
– BIZ. Magazine