Existing businesses, startups, and franchises can apply for Small Business Administration guaranteed loans from $5,000 to $25,000 at a Community Express Loan Workshop Thursday, Aug. 27, starting at 6 p.m. in the Breaux Bridge Library. 102 Courthouse street.
The workshop is being hosted by the SBA, the Chambers of Commerce of Breaux Bridge and St. Martinville, and SMEDA, the St. Martin Economic Development Authority.
A typical loan has a seven-year term, interest rate of prime plus 4.5, and 90 percent SBA guarantee.
No collateral is required, however there is an application fee of at least $450.
Also, you don’t need a business plan, financial statements or tax returns.
An applicant’s credit score is evaluated, and a business checking account is required along with a valid drivers license or other official ID, Social Security number, and federal tax ID number. Registered aliens must have a green card.
Business owners not eligible for these loans include those with a criminal history, or anyone who has defaulted on any government loans, including student loans.
Non-profit organizations are not eligible.
For more information, call Beth Guidry at 394-2200, Ext. 262.