Low Interest Business Loans

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.

Eligible Projects:

  • Acquisition of land for industrial or commercial use
  • Acquisition of properties with redevelopment potential for industrial or commercial use
  • Business start-up or expansion
  • Rehabilitation and/or renovation of existing commercial or industrial buildings specifically for industrial or commercial use
  • Rehabilitation and/or renovation of usable vacant buildings for specific industrial or commercial use

Ineligible Projects:

  • Speculative building
  • Loans to retire existing debt
  • Business activity located outside of the service area of the Crowley Chamber of Commerce

Eligible Use of Funds:

  • Land costs and development
  • Construction of building and rehabilitation costs
  • Machinery and equipment costs
  • Facility development costs(water, sewer and access roads)
  • Inventory acquisition
  • Operating capital

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.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, handicap, age (provided that the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income is derived from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.  The Federal agency that administers compliance with this lay is the Federal Trade Commission, Equal Credit Opportunity, Washington, D.C. 20580.  The Crowley Chamber of Commerce is an equal opportunity lender and employer.

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