Business Services

Business Loans

Small business loans are available if your business is located in the following parishes:

Acadia, Allen, Beauregard, Calcasieu, Cameron, Evangeline, Iberia, Jefferson Davis, Lafayette, St. Landry, St. Martin, St. Mary, Vermilion, and Vernon

STEP 1: AM I ELIGIBLE

Your business must be located in one of the following parishes: Acadia, Allen, Beauregard, Calcasieu, Cameron, Evangeline, Iberia, Jefferson Davis, Lafayette, St. Landry, St. Martin, St. Mary, Vermilion, and Veron Parish.

Public and/or quaisi-public agencies, as well as units of government are eligible for these loan funds.

Loans will be funded for the purposes of:

• Purchasing, repairing, or modernizing machinery or equipment with a remaining useful life of ten (10) years
• Working capital for specifically defined purposes (inventory, insurance, etc.)
• Professional fees - legal, title search, title insurance, appraisal, accounting, environmental assessment, etc.
• Debt refinancing (reduction of interest rates, loan consolidation, etc.)

Loans will NOT be considered for:

• Business startups
• Acquiring real estate or real property
• Lines of credit
• Gaming operations
• Financial institutions or others for purposes of relending
• Site relocations causing a net loss of jobs within a commuting area
• Speculative purposes (rental income, etc.)
• Bars and lounges

Minimum credit score allowed: 640 with adequate collateral.

STEP 2: THE PRE-APPLICATION

ARDD requires that everyone interested in applying for a small business loan, complete a preapplication form. This form gives us a brief synopsis of your business, business history, and financial stability.

ARDD will review your preapplication and will contact you concerning eligibility and approval. Once your preapplication is approved, you will be required to fill a FULL LOAN APPLICATION.

Click here for the PRE-APPLICATION form. This form is in PDF format and viewable in Adobe Reader. If you do not have Adobe Reader, go to www.adobe.com for the latest free version. Fill out the online form and mail to:

SMALL BUSINESS LOAN DEPARTMENT
ACADIANA REGIONAL DEVELOPMENT DISTRICT
POST OFFICE BOX 90070
LAFAYETTE, LA 70509

or fax to 337-886-7081

**Preapplication approval does not guaranty approval of the Full Loan Application.

STEP 3: THE FULL APPLICATION

Congratulations! You've completed your preapplication, and presented it to ARDD for review. ARDD has contacted you and gave you the go-ahead to complete the FULL APPLICATION. We will schedule an appointment for you to come in to our office and complete the full application.

At that time we may require that you bring in additional information. Please take the time to review the following documentations needed for the full application. *ARDD may also require additional documentation. And, don't worry... If you don't have all documents, we have counselors available to assist you with the preparation of many of these necessary documents.

• **Loan Application Form
• **Brief Business Plan (brief business history and goals, management ability, product/service, market and competition, how loan will be used and repaid)
• **Balance Sheet and Income Statement of business
  --Most recent 3 year period
  --Interim balance sheet, income statement & cash flow
  --2 year business projected balance sheet, income statement & cash flow
• Business Income Tax Returns for the most recent 3-year period. Include Schedule K1.
• Personal Income Tax Returns of all owners, principals, and executives for the most recent 3-year period. Include Schedule C.
• **Debt Schedule of business.
• Schedule of Available Collateral
• **Personal Financial Statements of all principals, owners, officers; joint if community property.
• Brief Summary or Resumes of key personnel, principals, owners highlighting ability and expertise to manage business.

**ARDD counselors are available to assist you with preparing these documents.

Acadiana Regional Development District is an Equal Opportunity Employer / Service Provider.
Auxiliary aids and services are available upon request to individuals with disabilities

BASIC LOAN REQUIREMENTS

Grant/funding through: