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Business Programs Success Stories
Louisiana
Business and Industry Guaranteed Loan Programs
Outline of Need:
USDA Rural Development issued a Loan Note Guarantee in the amount of $1,681,680 to Bank One, N.A. in Lafayette, LA.
How Rural Development Helped:
The guaranteed financing was used to construct an 18,000 square-foot supermarket, (Sunset Community Store, Inc.) to purchase machinery and equipment as well as additional inventory. Shoppers throughout the South St. Landry Parish now enjoy improved services, insuring immediate success of this USDA Rural Development investment.
The Results:
The project is located in the Lower Mississippi Delta Special Emphasis area and will create 20 new jobs and save 45.
Outline of Need:
USDA Rural Development issued a Loan Note Guarantee in the amount of $8,000,000 to Bank One, N.A. in Lafayette, LA.
How Rural Development Helped:
Dynamic Industries, Inc. utilized the guaranteed loan funds to purchase two new Manitowoc Cranes, provide permanent working capital to support a recent asset purchase of an existing business, and to consolidate existing real estate and equipment loans.
Dynamic Industries, Inc. is principally engaged in fabricating offshore production platforms and providing maintenance services for oil and gas exploration and production companies. Dynamic also provides a number of other services to the oil and gas industry, including pipeline fabrication, plant maintenance, plant repairs and upgrades, used jacket storage and refurbishment, and a variety of plant management services.
The Results:
The project is located in the Lower Mississippi Delta Special Emphasis area and will save 1,500 jobs.
Outline of Need:
USDA Rural Development issued a Loan Note Guarantee in the amount of $4,800,000 was used to purchase an existing lumber company located in Winnfield, Louisiana. This lumber company produces pattern and trimmed lumber. Forestry is the leading industry in Winn Parish, with over 526,000 acres of timberland covering 92 percent of the parish. Support industries, such as lumber companies, are very important to the local economy.
How Rural Development Helped:
As a result of this Rural Development loan, this lumber company will provide employment opportunities and a customer base for individuals and commercial timber producers.
The Results:
The project is located in the Lower Mississippi Delta Special Emphasis area and will save 155 jobs.
Rural Business Enterprise Grant
Outline of Need:
Rural Development funds will be used to refurbish one of two existing mooring docks in Delcambre, Louisiana. The docks currently provide mooring space for many fishermen and shrimpers who use the Delcambre Canal for access to gulf waters. The dock is currently in a state of disrepair and will eventually discourage fishermen and shrimpers from mooring in the community – impacting not only the fishing industry in Delcambre, but local businesses along the dock area.
The Results:
As a result of this Rural Business Enterprise Grant in the amount of $150,000, proper docking will be available to fishermen, 30 jobs and 10 businesses will be saved. This project is located in the special emphasis area in the lower Mississippi Delta Initiative.
Outline of Need:
Rural Development funds in the amount of $275,000 will be used by the Manufacturing Extension Partnership of Louisiana (MEPoL) to provide training and technical assistance to rural businesses throughout Louisiana. MEPoL is a University of Louisiana at Lafayette-sponsored program and one of 61 centers of the National Institute of Standards and Technology Manufacturing Extension Program.
The Results:
As a result of the Rural Development funding, MEPoL will be able to help manufacturers in Louisiana improve productivity and profitability.
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