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Caddo Parish Small Business Development Grant
Caddo Parish IDB
ABOUT THE GRANT
The Caddo Parish IDB Small Business Economic Development Grant Program (EDGP) provides small businesses in Caddo Parish, Louisiana with performance-based gap funding grants of up to 25 percent of total project cost to help close the financing gap between the amount a business has already secured and the total cost of a qualifying project. Administered by the Caddo Parish Industrial Development Board (Caddo IDB), a nonprofit corporation authorized under Louisiana state law, the program is designed to leverage IDB funds to attract private sector investment and support job growth in Caddo Parish. To qualify, applicants must demonstrate that but for the EDGP grant, the project would not or could not proceed, and that the project meets the Louisiana constitutional tests for public funding (public purpose, non-gratuitous expenditure, and a demonstrable expectation of receiving at least equivalent value in exchange for the grant).
The EDGP is open to a range of project categories, including expansion of a company already operating in Caddo Parish, expansion of a company not currently operating in the parish, relocation of an out-of-state company, retention of an existing Caddo Parish company, start-ups, and other qualifying projects. To be considered, a project must meet at least one of three minimum requirements: create at least five direct full-time permanent jobs paying at least $15 per hour, provide at least $50,000 of capital investment in Caddo Parish, or address an unmet need in Caddo Parish as demonstrated by a current third-party market study conducted by an approved vendor. Meeting the minimum requirements does not guarantee an application meets the broader constitutional test, which the IDB evaluates separately after the baseline criteria are confirmed.
Applications are accepted year-round and awarded on a first-come, first-served basis, subject to available funding. The process begins with a Pre-Application that is reviewed by the IDB’s Underwriting Committee, which meets monthly. If a project appears likely to meet both the minimum requirements and the constitutional test, the applicant is invited to submit the full Application with required documentation within 10 business days. Required documentation includes a preliminary project budget, cash flow pro-forma with debt service obligations, list of capital assets, three operator or developer references, three years of reported financial statements, the previous year’s tax return, a credit report, proof of funds (or proof of funds contingent on receiving the EDGP award), and an underwriting review conducted by the Louisiana Department of Economic Development or an approved partner. Applicants that do not meet this underwriting review requirement must instead provide an economic impact and feasibility study prepared by an approved third-party provider. If the Underwriting Committee recommends approval, the full Caddo IDB considers the project at a subsequent monthly meeting, and approved applicants enter into a cooperative endeavor agreement outlining their compliance and reporting obligations.
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