Filling The Gap In Disaster Recovery: When Funding Alone Isn't Enough

Online, February 16, 2011 (Newswire.com) - NEW ORLEANS, LA- For residents of Southeast Louisiana coastal communities' whose livelihood was destroyed following the 2010 oil spill, it will take more than government reimbursements and Gulf Coast Claims Facility payments to save their trade and way of life. To help individuals and businesses recover from a series of devastating disasters Seedco Financial is expanding the scope and services of its Southeast Louisiana Fisheries Assistance Center located in Belle Chasse.

The Center was established in 2008 to provide ongoing financial assistance and small business services to the fishermen whose livelihoods were devastated following Hurricanes Katrina and Rita. Since the 2010 oil spill Seedco Financial reports a significant increase in demand for services.

"Since the oil spill last year, we have worked closely with the fishing community to help commercial fishermen, individuals and small business owners navigate the complexities of the claims submission application process," said Mark Maher, Seedco Louisiana Managing Director. "During that time it became clear to us that the disruption caused by the oil spill was compounded by the previous disasters, causing a severe dislocation from which this community has still not yet fully recovered."

The long-term impact of the oil spill on the small business community extends beyond the lack of income to now also include the effects of sustained instability and uncertainty. In addition to the traditional business assistance services such as small business loans and claims recovery assistance Seedco Financial is now also facilitating access to mental and physical health services to help individuals manage the emotional and environmental changes to their lives, translation services for the largely Vietnamese-speaking community, housing counseling, expert advice on foreclosure-related issues, and job retraining for those who are not able to return to the fishing industry.

In the two years since it opened, the Fisheries Assistance Center has provided financial and technical assistance to over 700 fishermen, facilitated access to more than $8.6 million in grants and loans to nearly 550 small business owners in the fishing industry, and approved $6.8 million in loans to over 120 fisheries-related companies.

About Seedco Financial

Seedco Financial Services, Inc. (Seedco Financial) is a national Community Development Financial Institution (CDFI) with more than $200 million in assets under management. Filling niche gaps along the continuum of credit from micro-enterprise to New Market Tax Credits, Seedco Financial seeks to stimulate economic development in communities that are underserved by traditional banking institutions by providing affordable capital, hands-on technical assistance and innovative solutions to small businesses, nonprofit organizations, CDFIs and real estate developers. Seedco Financial is a wholly-controlled subsidiary of Structured Employment Economic Development Corporation (Seedco), a national nonprofit intermediary that helps low-income people and communities move toward economic prosperity.
Learn more about Seedco Financial at www.seedcofinancial.org

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