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What do I need to apply for a TEDA Microloan?
Four-Step Application Review Process for Direct Loans:
The full application will include:
- TEDA Business Plan or equivalent to include:
- Previous three years' Balance Sheets and Profit and Loss Statements.
- Current Balance Sheet and Profit and Loss Statement.
- Resumes of principals with ownership of 5% and over.
- Documentation for the items of expansion (i.e. construction estimates, equipment quotes).
- Projections for the next year (monthly) and the following two years (annual), including all assumptions.
- All Business Plan components (i.e. marketing plan, management structure, financial analysis, customer service, goal setting, etc.).
- Application form.
- List of collateral available for security.
- Environmental Checklist.
Approval Criteria: Once the required full application has been submitted, the Loan Review Committee will analyze the application within the following criteria.
- Who are the principals, do they have the necessary experience to operate the business?
- Is the collateral sufficient to adequately secure the loan?
- How much equity do the principals intend on using in the project; are they committed?
- Is there adequate cash flow, either existing or projected, to service the debt, are the assumptions to the projections solid enough to support their projected cash flow?
To apply for a TEDA Microloan call our office at (985) 873-6890 for an appointment to discuss your application.
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