Have a question? We’re here to help.

Help LED support your efforts to access SSBCI funds by emailing your general or program-specific questions to LEDSSBCI2@la.gov. Answers to the most frequently asked questions to date appear below; we’ll continuously update this page as additional FAQs come in.

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General Program Questions

Collateral Support Program FAQs

Micro Lending Program FAQs

  • What is a micro loan? Caret Down
    The Micro Lending Program provides loans as small as $1,000 up to $100,000 in order to meet the smaller financing needs of small businesses to either start up or expand. The average micro loan is about $13,000.
  • Is my business eligible for a micro loan? Caret Down
    To be eligible, a business must be located in Louisiana and have less than 100 employees. Some types of businesses are NOT eligible. For more information, visit the Micro Lending Program page and click on the Eligibility tab. Please note that application process and requirements of each LED Preferred Lender offering the Micro Lending Program may vary; therefore, an applicant is encouraged to also discuss their loan needs with one of the participating Micro Lenders here.
  • How do I use a micro loan? Caret Down
    Micro loans can be used for a variety of purposes that help small businesses start or expand. Micro loans are ideal when you need less than $100,000 to start, rebuild, re-open, repair, enhance or improve your small business. Examples include:
    • Working capital
    • Inventory
    • Supplies
    • Furniture
    • Fixtures
    • Machinery
    • Equipment
    • Startup financing
  • How do I get a list of participating lenders? Caret Down
    For a list of participating LED Preferred Lenders offering the Micro Loan Program please visit the providers tab on Micro Lending Program page.
  • What if my current lender is not on the participating lenders list? Caret Down
    Participation in the Micro Lending Program requires completion of an RFQ (Request for Qualifications) process and approval by the Louisiana Economic Development Corporation (LEDC) board. Applicants are evaluated on a variety of criteria, including location. Program participation remains an open process, with future RFQ’s anticipated. No new RFQ’s have been scheduled at this time. If your lender is interested in becoming an LEDC-approved Micro Lender please have the lender email LEDSSBCI2@la.gov.
  • What are the micro loan terms? Caret Down
    The interest rates, equity, collateral and other loan terms are negotiated between the borrower and the lender; however, the maximum loan term offered under the MLP is five years.
  • What do I need to apply? Caret Down
    The lender will complete the loan application, underwrite the loan application and request any supporting documentation to complete that process; individual requirements will vary based on the lender’s credit policy.
  • Can I refinance existing debt? Caret Down
    No, loan proceeds from an MLP loan cannot be used to pay existing debts.

Small Business Loan Guaranty FAQs

Seed and Venture Capital FAQs