LEDC ASSISTANCE OFFERED An interest rate buy-down, using State Treasury funds, on a loan to a small business which creates new jobs.
ELIGIBLE APPLICANTS Louisiana small businesses with less than 150 employees.
SIZE LIMIT PER PROJECT (LEDC PORTION) $200,000 maximum
PERCENT OF PROJECT COST N/A
USE OF FUNDS A state-owned CD placed in the lending bank at 1% to 4% less than the normal investment rate to reduce the interest rate on a small business loan by an equal amount. This CD is in no way to be offered as security or collateral for any small business loan.
EQUITY REQUIRED N/A
COLLATERAL COVERAGE N/A
INTEREST RATES 1% to 4% less than the bank rate offered on similar loans without the linked deposit.
TERM 2 to 5 years depending on criteria met. The deposit is placed for 1 year at a time with annual review for renewal.
FEES N/A
FOR MORE INFORMATION CONTACT: St. Tammany Economic Development Foundation 21489 Koop Drive, Suite 7, Mandeville, LA 70471 Phone: 985-809-7874 Fax: 985-809-7596
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