HUD Community Development Block Grant - Revolving Loan Fund PDFPrintE-mail

This loan program is designed to promote economic development by providing financing to businesses that will create jobs for low-to-moderate income persons as determined by HUD guidelines. Loans range from $10,000 - $150,000 and can be used for land/building acquisition, new construction/renovation, equipment purchases, project's professional fees, working capital, and inventory.

Objective: To promote economic development by providing financing to businesses that will create jobs for low-to-moderate income individuals.

Eligibility

  • For-profit business
  • Must be located in Jefferson Parish
  • Jobs created or retained will be for low-to-moderate income persons as determined by HUD guidelines.

Loan Size

$10,000 - $150,000

Loan Purpose

  • Land/building acquisition
  • New construction/renovation
  • Purchase equipment
  • Professional fees related to the project
  • Working capital
  • Inventory

Rate

Tied to number of jobs retained or created

Term

Up to a 10-year term, with amortization as deemed necessary or appropriate.

Review

All applications are reviewed by JEDCO staff and recommendations are made to Jefferson Parish Community Development and the JEDCO Finance Commitee.

Fees

Application fee of 1/2 of 1 percent (.005) of loan amount or a maximum of $250.
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