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Micro Loan Program Outline
Microloans are available for working capital, inventory, supplies, furniture, fixtures, machinery, and/or equipment. In no case shall the proceeds of this loan fund be used for down payment purposes or for the purchase of real estate.
Loan Specifics
Term of Loan:
Equivalent to the useful life of the asset purchased to a maximum term of six years.
Rate:
Prime plus 4.00% or SBA maximum limit 8.75% (whichever is lower).
Loan Levels:
Maximum $35,000.
Job Retention:
Each project shall retain one full-time equivalent (FTE) per $35,000 of loan funds.
Loan/TA Fee:
Fee is $100/loan for all loans applications. (Note: TEDA relationship must be maintained over the life of the loan.)
Eligibility:
Any for-profit entity (individual, firm, partnership, or corporation) legally doing business within the Parish of Terrebonne which have been affected by Hurricane Gustav and/or Ike or deemed eligible under the Community Development Block Grant (CDBG) microloan program. Non-profit childcare centers are eligible to borrow under this program, but no other type of non-profit business is eligible.
Loan Disbursement
Upon final execution of all loan documents and when all security and loan conditions have been met, TEDA staff will issue a loan check. It will be sent, along with the borrower's copies of loan documents, to the borrower within seven business days.
To apply for a TEDA Microloan call our office at (985) 873-6890 for an appointment to discuss your application.
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