Overview
The Micro Loan program provides loan guarantees and
participations to banks for micro business loans. To stimulate the
flow of private capital, long-term loans and other financial
assistance for financing are necessary for the development of small
business concerns in Louisiana.
Benefits
Provides up to 80% guarantees and state participations up to 50%
for banks that fund loans from $5,000 to $50,000.
Eligibility
Must be a Louisiana small business (as defined by the Small
Business Administration).
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 Micro Loan Program, the
following procedure must be followed:
- A detailed business plan must be submitted first. Use the
Outline for a Business Plan located in Related
Content as a guide. You may also contact the nearest small
business development center for assistance in developing your
business plan.
- Submit the completed business plan to your local bank and
establish a relationship with a lending officer.
- Submit a copy of the completed business plan to Louisiana
Economic Development Corporation, along with the name of your bank
and contact person.
For fees associated with the program, please read the program
rules below.
Related Content
Administration
This program is administered by Louisiana Economic Development
through the Louisiana Economic Development Corporation.
For information regarding the Micro Loan program, please contact
LEDC at 225.342.5675.
