JEDCO Approved $380,000 in Louisiana Revolving Capital Funds
27 January 2010
The Jefferson Parish Economic Development Commission (JEDCO) recently established the Louisiana Revolving Capital Fund (LRCF), a lending program that supplies qualifying businesses with a minimum of $25,000 for the acquisition of land and buildings, the purchase of equipment or working capital and inventory. The LRCF supports small business growth and promotes economic development in the community.
These funds, recaptured from the Louisiana Small Business Grant and Loan Program resulting from Hurricanes Katrina and Rita, are used to capitalize a revolving loan fund to further economic development in Jefferson Parish. The purpose of the LRCF is to provide gap financing for existing businesses locally as well as businesses relocating to Jefferson Parish.
"While the Louisiana Revolving Capital Fund focuses on business retention and expansion, it also allows JEDCO the flexibility to attract businesses to Jefferson," says JEDCO's Director of Financing, Alberto Queral. "Loop Linen Services and Dibbz, L.L.C are two recent projects that are taking advantage of the Louisiana Revolving Capital Fund program. Combined, these projects will utilize $380,000 in Louisiana Revolving Capital Funds, they are expected to have an economic impact of about $1 million for Jefferson Parish and retain 74 jobs."
Loop Linen Service, Inc., a full service textile and linen rental company, was founded in 1929 as a family laundry and dry cleaner in Westwego. Loan proceeds will be used to acquire new water heating equipment which will modernize operations and increase energy efficiency.
Dibbz, L.L.C. (Dibbz PC Café) is a computer gaming business allowing individuals or groups to compete in an internet café setting. As approved, this project will be used to purchase the company's existing land and building that has housed its operations since 2004.
"JEDCO is committed to cultivating business growth and prosperity," said Joe Ewell, JEDCO Chairman. "Whether it is accessing financing or identifying incentives, we continue to see new and existing businesses embrace Jefferson Parish, contribute to our tax base and offer quality jobs to our residents."
Since the program's inception, JEDCO has funded five loans, lending over $1.5 million. These loans resulted in the retention of 134 jobs and the creation 18 new positions. For more information on the LRCF or other JEDCO financing options, please contact JEDCO at 504-833-1881.
