Economic Development

Revolving Loan Fund

economicdev_division

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

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