JEDCO doles out $1.5 million in business loans

The Jefferson Parish Economic Development Commission has lent $1.5 million to five businesses through its Louisiana Revolving Capital Fund to retain 134 jobs and create 18 new ones. The lending program supplies qualifying businesses with a minimum of $25,000 for the acquisition of land and buildings, the purchase of equipment or working capital and inventory. The funds, recaptured from the Louisiana Small Business Grant and Loan Program resulting from Hurricanes Katrina and Rita, are used to capitalize a revolving loan fund to further economic development in Jefferson Parish. The goal is to provide gap financing for existing businesses locally as well as businesses relocating to Jefferson Parish. “While the Louisiana Revolving Capital Fund focuses on business retention and expansion, it also allows JEDCO the flexibility to attract businesses to Jefferson,” says JEDCO’s Director of Financing Alberto Queral. Two new projects are taking advantage of the program – to the tune of $380,000. The firms are expected to have an economic impact of about $1 million for Jefferson Parish and retain 74 jobs. Loop Linen Service, Inc., a full service textile and linen rental company founded in 1929 as a family laundry and dry cleaner in Westwego, will use the loan to acquire new water heating equipment which will modernize operations and increase energy efficiency. Dibbz, L.L.C. is a computer gaming business that will use the money to purchase the company’s existing land and building that has housed its operations since 2004.