The Innovation Loan and Technical Assistance Progran (ILTAP) is designed to provide assistance to small businesses that are currently located in, or will open, in Jefferson Parish suffering from the long term effects of Hurricanes Katrina and Rita. Small businesses can access loans up to $500,000. The program is designed to spur economic growth through low interest loans. Every business that secures ILTAP funding is required to create one new job.
Objective
To Promote economic development by providing financing to businesses.
Eligibility
- Minimum of $75,000 annual gross income
- Minimum Equity Investment ≥10% of total project cost
- Businesses and non-profit organizations may apply
- Project must be located in Jefferson Parish
- Create new jobs
Loan Purpose
- Land/Building acquisition
- Purchase equipment
- Purchase of Inventory
Loan Size
$50,000 to $500,000
Rate
Minimum of 1% – (determined by project’s cash flow & ability to service debt)
Term
5 to 15 year term (determined by project type, size and proposed use of funds)
Review
All applications are reviewed by JEDCO staff and approved by JEDCO’s Finance Committee.
Ineligible Use of Funds
- Payment of taxes, governmental fines or penalties.
- Political, religious, exclusively gaming activities, liquor stores and single family & multi-family residential projects.
- Buy out of stockholder, equity holder, or family member.
- Any illegal activities.