This loan program is designed to promote economic development by providing financing to businesses that will create jobs for low-to-moderate income persons as determined by HUD guidelines. Loans range from $10,000 – $150,000 and can be used for land/building acquisition, equipment purchases, project’s professional fees, working capital, and inventory.
Objective
To promote economic development by providing financing to businesses that will create jobs for low-to-moderate income individuals.
Eligibility
- For-profit business
- Must be located in Jefferson Parish
- Jobs created or retained will be for low-to-moderate income persons as determined by HUD guidelines.
Loan Size
$10,000 – $150,000
Loan Purpose
- Land/building acquisition
- Purchase equipment
- Professional fees related to the project
- Working capital
- Inventory
Rate
To be determined.
Term
Up to a 10-year term, with amortization as deemed necessary or appropriate.
Review
All applications are reviewed by JEDCO staff and recommendations are made to Jefferson Parish Community Development and the JEDCO Finance Committee.
Fees
Application fee of 1/2 of 1 percent (.005) of loan amount or a maximum of $250.