Economic Development
Revolving Loan Fund
SCPDC operates a Revolving Loan Fund designed to link small businesses to financing solutions. The RLF is funded through a grant from the U. S. Economic Development Administration (EDA), a division of the U. S. Department of Commerce. The program is designed to fill the gaps in financing not provided by conventional means. By offering a fixed rate substantially lower than available commercial rates, the RLF lowers the blended interest rate for a total loan package. The program is designed to assist expanding and new businesses. The RLF offers lending amounts between $25,000 and $250,000. To qualify for this program, a business must be:
- For profit
- A corporation, partnership, or proprietorship
- Located in one of the participating parishes
- The program is primarily for existing businesses, but will consider new businesses, being started by proven entrepreneurs, with significant job creation potential
Loans are available for:
- Take out financing for loans for plant construction, conversion, or expansion;
- Acquisition of land and/or buildings
- Equipment and machinery repair and/or purchase
- Furniture or fixtures purchase
- Working capital
- Starting fees and deposits
- Inventory
Ineligible uses of funds:
- Payment of taxes
- Bailout or emergency loans
- Investment
- Refinancing of debt or equity
- Goodwill
- Interim loans
- Property purchased/constructed/renovated for lease or speculative sales