Need funding for your restaurant? Economic development low interest loans available

The South Central Planning and Development Commission (SCPDC) has three low interest loan programs designed to assist those business owners who’ve been declined by a bank for a loan. Each loan program corresponds to a specific map indicating which parishes are eligible.

The Innovations Loan ($50,000 to $500,000) is available at 1 percent interest. This is program expires Jan. 31, 2014. The initial requirements include:

·         Declined letter from bank*
·         A signed copy of your last 3 years personal and business (if established business) taxes
·         Business Plan
·         Last three years of financial statements (if established business)
·         Proof of business ownership structure
·         Resumes of company owner/partner
·         With new jobs created
·         Minimum $75,000 annual gross revenue.
Applications for equipment should be submitted by November 2013 for the best chance of funding.

The Revolving Capital Fund ($10,000 to $250,000) is available at 4 percent interest. The initial requirements are:

·         Declined letter from bank*
·         A signed copy of your last 3 years personal and business (if established business) taxes
·         Business Plan
·         Last three years of financial statements (if established business)
·         Proof of business ownership structure
·         Resumes of company owner/partner

The Revolving Loan Fund ($10,000 to $250,000) is available at 4 percent interest. The initial requirements are:

·         Declined letter from bank*
·         A signed copy of your last 3 years personal and business (if established business) taxes
·         Business Plan
·         Last three years of financial statements (if established business)
·         Proof of business ownership structure
·         Resumes of company owner/partner

*A decline letter can be in the form of a total decline, or a statement that they would only fund a portion of the project.

In all programs, funding is limited. For more information, call the SCPDC at (985) 655-1051 today or download the loan application here.