Small and local businesses with revenue of less than $3m who employ 50 employees or fewer could be eligible for a new loan opportunity offered by the City of Shreveport, the U.S. Economic Development Administration and a company called TruFund. The revolving loan fund is available for regional businesses in amounts up to $250,000 for small businesses that typically would not have access to bank or traditional loans.
A TruFund loan opportunity was launched by the Baton Rouge Chamber of Commerce in July of this year, offering loans in terms from 6 to 60 months at zero to 10% interest, depending on the loan product requested. The loan fund is relatively small at $1.1m.
More information about the parameters of the Shreveport Revolving Loan Fund will be announced today at a press event downtown.