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A small business in Louisiana is described as one that employs 500 people or less. The average debt amount for small businesses is $90,000, and the state currently has over 447,440 registered small businesses. This accounts for more than 52.8% of the state's privatized jobs in layman’s terms, hiring close to one million workers in total. On this page, we examine the top funding options available in the state of Louisiana, as well as loan eligibility requirements and more.
Top Louisiana Small Business Loan Options
Below, you will find the top local financial instiutitons that offer a variety of small business loans in Louisiana.
Louisiana Federal Credit Union (Louisiana FCU) is a local financial institution serving the Louisiana communities of Gramercy, LaPlace, Norco, and Hammond. Louisiana FCU offers business financial products and services, including:
- Business installment loans. This type of loan can be used to purchase everything you need to help your business succeed, such as business equipment or machinery, a commercial vehicle, business inventory, and more. The loan comes with a minimum loan amount of $10,000 and terms up to 10 years.
- Commercial vehicle loans. A commercial vehicle loan from Louisiana FCU can be used to refinance or purchase a vehicle for your business, - but keep in mind that the vehicle needs to be 10 years old or newer. The minimum loan amount starts at $10,000, with terms up to six years.
- Business construction loans. A business construction loan can be used to finance the construction or renovation of a commercial property necessary to expand your business. These loans start at $10,000 and come with terms up to 15 years and amortizations up to 25 years.
- Business lines of credit. Louisiana FCU also offers business lines of credit with a minimum loan balance starting at $10,000 and a maximum term of 12 months with renewal options.
Red River Bank is a Louisiana community bank that has been in business since 1998. The bank offers both personal and business financial services and has locations in Alexandria, Baton Rouge, Lake Charles, Shreveport, Covington, and Lafayette.
Red River Bank is known for offering tailored solutions to state-based businesses of any size. As such, you are welcome to apply for the following types of Louisiana small business loans:
- Secured and unsecured loans. Whether you require a business loan to purchase new equipment, business inventory, or machinery, Red River Bank offers a variety of secured and unsecured loans to meet your business needs.
- SBA loans. Red River Bank participates in the government-guaranteed SBA loan program, and its dedicated team is ready to help you find the best solution for your needs.
- Other types of loans. Red River Bank also offers business lines of credit, letters of credit, real estate and construction loans, and more.
Gulf Coast Bank & Trust Company offers various financial services for small businesses in the communities in New Orleans, Baton Rouge, and the neighbouring Southeast Louisiana areas. In addition to standard banking services, the bank also provides several business lending options:
- SBA loans. Gulf Coast Bank & Trust Company actively participates in the federal Small Business Administration loan program through its Gulf Coast Small Business Lending Division, which offers competitive interest rates and great terms to borrowers from a wide range of industries.
- Term loans. If you need some extra cash to finance business vehicles, equipment, or inventory, Gulf Coast Bank & Trust Company can offer a variety of secured and unsecured small business loans, with variable terms and either fixed or variable interest rates.
- Other types of loans. The bank also offers commercial real estate loans, business lines of credit, working capital loans, and more.
Summary of the Best Louisiana Small Business Loans
|Institution||Type of Financing||Loan Amount||Interest Rate||Loan Term|
|Louisiana Federal Credit Union||
||$10,000 and more for all types of loans||Not specified||
|Red River Bank||
||Not specified||Not specified||Not specified|
|Gulf Coast Bank & Trust Company||
||Not specified||Not specified||Not specified|
Top Online Louisiana Small Business Loan Options
Apart from the local loan providers listed above, Louisiana-based businesses can also apply for finance from national lenders. Most of these companies also allow you to apply online, such as the ones listed below.