Overview
The Contract Loan Program provides loan participations and
guarantees to banks for government contract loans. These loans are
intended to help businesses finance working capital for contracts
with local, state or federal government agencies.
Benefits
Provides participations with banks that fund government contract
loans from $5,000 to $1 million for terms of one year or
less.
Louisiana Economic Development Corporation's participation shall
in no case exceed $500,000.
Eligibility
Must be a Louisiana small business (as defined by the Small
Business Administration).
Applicants must have a business plan and a bank that is willing
to fund the loan.
Applicants must be small businesses whose owner(s) or principal
stockholder(s) shall be a resident of Louisiana and the business is
domiciled in Louisiana.
Applicants must have an assignable contract for goods or
services with a federal, state or local entity.
For comprehensive rules and details on eligibility, please
review Related Content below and contact the
appropriate administrator.
How to Apply
To apply for funding through the Contract Loan Program, the
following procedure must be followed:
- Submit the completed business plan to your local bank and
establish a relationship with a lending officer. If needed, contact
a small business development center nearest you for assistance in
developing your business plan.
- Your local bank should contact the Louisiana Economic
Development Corporation to discuss the bank's participation in the
Contract Loan Program.
For fees associated with the program, please read the program
rules below.
Related Content
Administration
This program is administered by the Louisiana Economic
Development through Louisiana Economic Development Corporation.
For information regarding the Contract Loan program, contact
LEDC at 225.342.5675.
