The Short Term Lending Program’s mission is to increase small businesses’ economic competitiveness by providing access to capital for companies working on transportation related opportunities through strategic partnerships, education and financial services.
DBE Certified or SBA Certified under Section 8(a); Small Disadvantaged Business; HUBZONE Empowerment Contracting Program; and Service-Disabled Veterans
Startup businesses are not eligible to apply for the STLP. It is recommended that a business have an established track record.
Funds are not available for equipment purchases; long-term debt; refinance of existing debt; payment of non-current taxes; distributions or other payments to stockholders; or 100% contract mobilization.
Maximum Loan Amount: $750,000
Interest Rate: It is a variable rate tied to the Prime Rate published in the Wall Street Journal.
Loan Term: Normally, the line of credit covers a one-year period. The applicant has the option of requesting one or more renewals; however, the line of credit cannot exceed five years. The PL has the option of providing the line of credit for less than one year. The line of credit amount can be increased during the term if the applicant obtains additional transportation contracts.
Normally covers one-year period and one or more renewals may be requested.
Turnaround Time: 30 to 60 days