Description
LED Preferred Lenders are approved lenders who meet the minimum eligibility requirements to participate in the LED loan programs. LED works with designated intermediary lenders across the state to assist in providing financing to small businesses by offering either a state guaranty or cash collateral support to qualifying loans. The LED Preferred Lender designation is available to all Louisiana insured banks, Louisiana insured credit unions, or Louisiana CDFIs that not only meet the criteria identified on the LED Preferred Lender form, but also express an interest in either offering one or both of the new LED Loan Programs under SSBCI; Small Business Loan Guaranty Program or Collateral Support Program.
Why become an LED Preferred Lender?
-> LED’s ability to purchase the guaranteed portion of a loan, prior to collection, if a borrower defaults. (SBLGP)
-> LED’s ability to pledge a cash deposit to the loan at closing to support a collateral shortfall. (CSP)
-> Ability to work with borrowers, who without LED’s loan programs, (SBLGP & CSP), a lender would not deem qualified based on perceived risks.
-> Since the LED Loan Guaranty and Collateral Support Programs help to mitigate risk associated with business loan requests, the program benefits enable lenders to offer lower rates and longer terms to its business clients.
-> Lender earns Community Reinvestment Act (CRA) credits with the LED SBLGP and LED CSP.
Become a LED Preferred Lender! Visit our website referenced above for more information.