Micro Lending Program (Louisiana) is sponsored by Louisiana Economic Development. Louisiana Economic Development offers targeted loans through its Micro Lending Program to help underserved small businesses access capital.

Louisiana SSBCI Micro Lending Program Find the Best Program for My Business Targeted loans for smaller financing needs The Micro Lending Program (MLP) is designed to provide access to capital for small businesses and startups with smaller financing needs. The participating lenders will evaluate each loan application, underwrite the loan request and directly lend to the borrower.

The loan proceeds can be used to either help with the working capital needs or equipment/inventory acquisition for start-up or expansion projects. Minimum Loan Amount : $1,000 Maximum Loan Amount : $100,000 For more information about the SSBCI Micro Lending Program, download the brochure or visit the Frequently Asked Questions .

Authorized to conduct business in Louisiana and maintains an office in Louisiana Eligible business purposes include, but are not limited to, start-up costs, working capital, business procurement, franchise fees, equipment, inventory, as well as the purchase, construction, renovation or tenant improvements of an eligible place of business that is not for passive real estate investment purposes.

The definition of business purpose excludes activities that relate to acquiring or holding passive investments such as commercial real estate ownership, the purchase of securities; and lobbying activities as defined in Section 3(7) of the Lobbying Disclosure Act of 1995, P. L. 104-65, as amended.

Ineligible Businesses and Purposes Restaurants, grills, cafes, fast food operations, motorized vehicle, trailer, curb-side, sidewalk or street vendor food operations that have been in business less than 2 years Bars, saloons and other businesses established for the principal purpose of selling or distributing alcohol Recreational Park, theme park, amusement park, or camping facility A business engaged in activities that are prohibited by federal law to include direct and indirect marijuana businesses.

All incentive program rules are in the Louisiana Administrative Code maintained by the Office of the State Register. View the Titles of the Louisiana Administrative Code Rules for the SSBCI Micro Lending Program ARPA 2021 can be found in Part VII, Subpart 19, Chapter 76. Micro Lending Program applicants should contact an approved lender and inquire about their application process, which will vary by lender.

Request an MLP application. Applicant completes the lender’s loan application and provides any supporting documents requested. The lender evaluates the application and supporting documentation to complete the underwriting and credit analysis, then structures the loan.

The lender submits the full loan package to LED for review. After review of the application packet by the appropriate committee, the lender is notified of the decision. If approved, the lender coordinates the loan closing and disburses funds to the applicant.

The lender provides LED with the executed closing package in accordance to the program agreement. LED Preferred MLP Lenders Lenders must apply for and be approved by the Louisiana Economic Development Corporation (LEDC) board for participation in SSBCI’s Micro Lending Program (MLP). To date, LEDC has approved the following lenders for participation in the program: SSBCI Contact: Dandalyn Darnell, AVP Phone: 318-382-8400 ext.

1746 Email: DandalynD@carterfcu. org Service Area: Carter can serve members in all 48 contiguous states in the USA. Since LED lending programs are limited to Louisiana, Carter can serve any region in the state when using LED’s lending programs.

SSBCI Contact: Ron Riley, Sr. Commercial Underwriter Email: RRiley@essentialcu. org Service Area: Essential can serve East Baton Rouge & the surrounding parishes. SSBCI Contact: Huyen Nguyen, Business Development Officer Service Area: Jefferson Parish only SSBCI Contact: Peter Brooks, Loan Fund Manager Email: info@newcorpinc.

com Service Area: NewCorp’s primary target market is MSA New Orleans. Secondary market is the entire state of Louisiana. SSBCI Contact: Veronica Reyes, Vice President | Director of National Markets Operations Email: vreyes@trufund.

org Service Area: Statewide (LA) with primary focus on Baton Rouge Capital Region and New Orleans MSA The Micro Lending Program provider approval process remains open, with additional applications to be considered going forward. As new lenders are accepted into the program, their contact information and website links will be added.

Lenders wishing to participate in the SSBCI Micro Lending Program may contact LED for more information at LEDSSBCI2@la. gov .