In 1995, under the direction of Katie Chiasson, the Chamber was awarded a $150,000 grant from USDA to create a Small Business Loan program.  Since then, the Chamber has assisted local business by providing a low interest loan that can be used for business start-up or expansion, including capital improvements, operating costs and inventory and equipment acquisition.

 

Businesses within the service area of the Crowley Chamber of Commerce can borrow up to $15,000 for a maximum of five years, at a fixed 6% interest rate.  Borrowers are required to create or retain jobs as a part of the loan process.

 

 

Owner Equity Requirements:  A 20% owner equity, to be injected at the outset of the project, is required for each applicant.  Eighty percent of the total cost of a project may come from Revolving Loan Funds.  Personal guarantees are required of owners who control at least 20% of the company.

 

Fees:  A $100 loan processing fee will be assessed each approved borrower and collected at the time of closing, in addition to any applicable closing and filing fess incurred.

 

 

For a complete listing of requirements and a loan application, please contact the Chamber office.