Areas Served: Jefferson Parish
The EDA Revolving Loan Fund is designed to assist Louisiana’s small Jefferson Parish business expansion projects by leveraging private funds with low-cost, fully amortized term loan facilities.
Loan amounts range from $25,000 to $150,000. Eligible uses include working capital, land/building acquisition, and equipment purchases.
Prospective applicants must demonstrate that the project financing could not be obtained through conventional sources.
Objective To assist small business expansion projects by leveraging private funds with low-cost, fully amortized term loan facilities.
Eligibility – For-profit business – Project must be located in Jefferson Parish – Requirement is creation/retention of one job per $10,000 in EDA assistance Loan Purpose – Land/building acquisition – Purchase equipment – Working capital Loan Size $25,000 – $150,000 Structure For each $1 of funding from JEDCO/EDA, there must be at least $2 of private funds from private lender and/or equity.
Rate As determined by JEDCO Term – Fixed Asset Loans — 5 to 20 years – Working Capital Loans — 3 to 7 years Fees Commitment Fee: 1 percent of JEDCO financing, or $500, whichever is greater.
Contact InformationJefferson Parish Economic Development Commission
Address: 700 Churchill Parkway
City: Avondale
State: Louisiana
Website:
http://www.jedco.org/2012/03/eda-revolving-loan-fund/
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