LEDC ASSISTANCE OFFERED Loan guarantee and participation. The guarantee is a guarantee of loss to the lender.
ELIGIBLE APPLICANTS Louisiana businesses as defined by SBA.
SIZE LIMIT PER PROJECT (LEDC PORTION) $5,000 minimum $1,000,000 maximum
PERCENT OF PROJECT COST LEDC will participate in 50% of loan and also guarantee up to 50% of the bank=s portion of the contract=s first draw.
USE OF FUNDS To support a contract for goods and services for a federal, state or local entity. All proceeds of the contract will be assigned and collected by the bank.
COLLATERAL COVERAGE Minimum of $1.00 of collateral for each $1.00 of loan.
INTEREST RATES Guarantee - Up to 4% above New York prime at either a fixed or variable rate.
TERM Up to 180 days past the contract completion date; not more than 1 1/2 years.
FEES LEDC will charge a guarantee fee of up to 2% of the guarantee amount. $100 non-refundable application fee.
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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