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Lending Policies and Requirements
The primary purpose of the TPCG Revolving Loan Fund is to make available to eligible applicants gap financing for legitimate business purposes. Therefore, each applicant must first seek a bank's participation.
The principal factors used in evaluating and/or recommending a loan proposal are the chance of success of the business plan, and the applicant's experience and credit history.
Given the source of funding for our revolving loan program, serious consideration is given to the proposal's direct and indirect impact to low- and moderate-income individuals, as well as the overall benefit to the community.
The benchmark for the loan/job creation comparison shall be that for every $35,000 borrowed at least one new, permanent, full-time job must be created.
The standard interest rate of 4% is used for each new loan initiated.
The following are requirements for the RLF:
- Submit a completed, detailed, business plan
- Must have reasonable credit history and have paid all federal, state, and local taxes. Authorization forms for release of this information is required.
- Must have bank communication (denial and/or commitment)
- Provide the last 3 years' business and personal tax returns
- Provide current business and personal financial statements
- Complete a loan application
- Comply with all applicable local, state and federal statutes and Community Development Block Grant rules and regulations.
To obtain an application contact:
Terrebonne Economic Development Authority
319 Roussell St. Houma, LA 70360
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