When Acadiana Hardwood LLC saw the profitability in growing its
operations, the Baton Rouge-based company utilized a loan guaranty
from Louisiana Economic Development Corporation, or LEDC, to help
the company expand.
A newly formed sawmill business, Acadiana Hardwood received a
$610,000 loan guaranty through the LEDC's Small Business Loan
Program. The money will finance land and building improvements to
Acadiana's recently purchased Marionneaux Lumber Company in Pointe
Coupée Parish.
"We are really excited about expanding our operation west of the
Mississippi River," said Acadiana Hardwood President Magruder
Hazlip. "Acadiana Hardwood LLC feels that this region of the state
offers some real opportunities for growth in our business. We also
recognize that this move would not have been possible without the
help from LEDC, and for that we are grateful."
The LEDC Small Business Loan Program provides loan guarantees
and participations to banks in order to facilitate capital
accessibility for businesses. Guarantees may range up to 75 percent
of the loan amount, not to exceed $1.5 million. Loan participations
of up to 40 percent are also available. Applicants must have a
business plan and a bank that is willing to fund the loan.
