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Network failures often cause service interruptions as well as packet losses. To mitigate the impact of failures, many IP fast local recovery schemes have been proposed to reroute traffic in the event of failure in past literatures. However, the rerouted traffic may cause congestion or overload on pre-computed backup routes if the link capacity on those backup routes is not considered in recovery schemes. In this paper, we propose a Simulated Annealing based Load Balanced (SALB) fast IP local protection scheme to construct backup routing tables for protecting link failures. In the proposed SALB scheme, we jointly consider protection switching time, network survivability, and traffic load distribution. The proposed SALB scheme is capable of mitigating other kinds of failures, such as node failures or SRLG failures. In the proposed scheme, upon a failure, only the nodes adjacent to a failure are activated to divert affected traffic to backup paths. This local reaction process guarantees fast protection switching and reduces failure recovery time. Besides, we formulate this problem as a mixed integer programming problem, in which the working traffic load on the most congested link is to be minimized while protecting link failures. Numerical results delineate that the proposed scheme achieves high survivability and load balancing at the expense of slightly increasing the average path hop count and the entries of backup routing table.