The Hammond Downtown Development District (HDDD) was created by the Louisiana State Legislature in 1986 and in 1987 we went to work in the District. The Major goal of the HDDD is to upgrade and improve downtown Hammond. We have been very successful over the years. A lot of this success is attributed to the Revolving Loan Program.
Introduction to the Revolving Loan Program
Applicants for the loan funds must be a registered sole proprietorship, partnership or corporation established for doing business in the Hammond Downtown Development District.
All applicants starting a new business are recommended to meet with the Louisiana Small Business Development Center at Southeastern Louisiana University, 1514 Martens Drive – 985-549-3831, in order to develop a business plan.
There is a Revolving Loan Review Committee of 6 members who meet and review existing loans and review new loan applications. The committee is made up of 4 banking officers, the Tangipahoa Tax Assessor and an attorney.
- Acquisition of land for industrial or commercial use.
- Acquisition of improved properties with development potential for industrial or commercial use limited to owner or tenant occupancy.
- Start-up and/or expansion of businesses in the HDDD.
- Rehabilitation and renovation of usable vacant buildings for specific industrial or commercial use in the HDDD.
- The retirement of existing debt.
- Business activities located outside the boundaries of the HDDD.
Eligible costs will be as follows:
- Land costs and development
- Machinery and equipment costs
- Building costs – construction and rehabilitation.
- Inventory acquisition.
- Facility development costs (water lines, sewer lines, access roads, etc.).
Applicants should be aware of the following additional conditions:
- Loan funds cannot be used to refinance existing debts.
- Loan funds cannot be utilized outside the limits of the HDDD.
- The following are set as minimum guidelines:
- Personal guarantees are required of all owners.
- Loans in excess of $10,000.00 must be repaid within five (5) to ten (10) years depending on the type of collateral offered.
- Loans of $10,000.00 or less must be repaid in three (3) years.
Call the DDD office for more information at 985-542-3471.
Download the Revolving Loan Application HERE.
The Hammond Downtown Development District is an equal opportunity provider.