JEDCO Finance Team
Jennifer Lapeyrouse, Jessica Lobue, & Lisa Cabrera
Economic development is tied to community growth, increased financial opportunities and a better standard for quality of life—which is why the JEDCO Finance Team is so dedicated to supporting economic development. JEDCO offers loans to support growing businesses in and out of Jefferson Parish. In 2019, JEDCO’s finance team is overseeing 25 projects with an economic impact of $30 million. Since JEDCO’s inception over 32 years ago, JEDCO has funded nearly 500 projects. The organization’s portfolio is diverse, featuring manufacturers, restaurants, professional services, and more.
For Jefferson Parish-based businesses, the JED(grow) Loan Program offers access to federal funds, providing businesses with a source of working capital or startup expenses. Thanks to the JED(grow)program, local businesses have taken root and flourished in the community. Recent projects include Main Squeeze Juice Co., NOLA Kidsground and Hubig’s Pies.
But JEDCO aims even higher as they seek to promote the SBA 504 Loan Program. The SBA 504 is used to buy fixed assets, such as real estate and equipment. JEDCO works with banks to finance up to 90% of a project, which allows the business to improve their cash flow and achieve their goals. The program’s fixed interest rates are at a 30-year low, which makes now the ideal time for business owners to use it.
The program has been underused in Louisiana. Nationwide, less than one quarter of 1% of 504 project dollars were spent in the state last year. JEDCO seeks to change that moving forward. Through a targeted marketing campaign, JEDCO is raising awareness about the program to help business owners start their dream business, own their own property, and more. Since launching the targeted campaign, JEDCO has seen interest in the 504 Program increase. Recent projects include Atomic Burger in Baton Rouge, Creative Dance & Music Studio in Gretna, BOIL Seafood House in New Orleans and Tchoupitoulas Plantation in Westwego.
The community building and entrepreneurship these loans encourage are at the core of the JEDCO mission: to produce jobs and investment in Jefferson Parish and beyond. The Finance Team at JEDCO continues to build opportunities for local startups and small businesses to create a thriving economic climate.