Franklin revolving loans available
Throughout the Franklin Business District, which includes the west and east end of Main Street, there are funds available through the City of Franklin’s U. S. Department of Agriculture’s Revolving Loan Fund program for new and existing businesses.
Applicants for the loan funds must be a registered sole proprietorship, partnership, or corporation established for doing business in the Franklin Business District.
All applicants starting a new business are recommended to meet with staff at the Acadiana Regional Development District or the UL Small Business Development Center in Lafayette in order to develop a business plan. The St. Mary Parish Community Action Agency in Franklin also offers technical assistance.
Eligible projects include:
—Acquisition of land for commercial use.
—Acquisition of improved properties with development potential for commercial use limited to owner or tenant occupancy.
—Start-up and/or expansion of businesses in the district.
—Rehabilitation and renovation of usable buildings for specific commercial use in the district.
Ineligible projects include:
—Bars and lounges (hybrids may be acceptable under certain conditions)
—Site relocations causing a net loss of jobs within a commuting area
—Projects that have less than 51 percent U.S. citizen ownership
Applicants should be aware of the following additional conditions:
—Loan funds cannot be used to refinance existing debts
—Loan funds cannot be utilized outside of the district
—Loan funds will finance no more than 95 percent of the project’s cost
The following are set as minimum guidelines:
—There will be a $10,000 cap on all loans
—Personal guarantees may be required of all owners
—Loans of $10,000 or less must be repaid within five years
—No applicant will be considered if delinquent or in default on any type of loan
Information may be subject to the Freedom of Information Act and Privacy Act upon applicant’s approval.
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, or age (provided that the applicant has the capacity to enter into a binding contract): because all or part of the applicant’s income derives from any public assistance programs, 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 law is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.
In accordance with Federal law and U.S. Department of Agriculture policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age, or disability. (Not all prohibited bases apply to all programs.)
To file a complaint of discrimination, write USDA, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, or call 800.795.3272 (voice) or 202.720.6382 (TTY).
The City of Franklin is an equal opportunity provider and employer.