Jedco Development Corporation

CERTIFIED DEVELOPMENT COMPANIES (CDCS) ARE NON-PROFIT CORPORATIONS CERTIFIED AND REGULATED BY THE SMALL BUSINESS ADMINISTRATION TO PACKAGE, PROCESS, CLOSE, AND SERVICE 504 LOANS. THESE 504 LOANS ARE ISSUED THROUGH A PARTNERSHIP WITH CERTIFIED DEVELOPMENT COMPANIES (CDC) AND PRIVATE SECTOR, THIRD PARTY LENDERS. THERE ARE A SMALL NUMBER OF FOR-PROFIT CDCS THAT HAVE BEEN GRANDFATHERED INTO THE CURRENT 504 PROGRAM. THE PROVISIONS OF THIS SOP APPLY TO THE NON-PROFIT AND THE FOR-PROFIT COCS IN ACCORDANCE WITH THE TERMS OF THE REGULATIONS. JEDCO DEVELOPMENT CORPORATION IS A CDC IN THE SBA 504 LOAN PROGRAM.BETWEEN 1990 AND 2020, JEDCO DEVELOPMENT CORPORATION HAS APPROVED 153 SBA 504 LOANS AND FUNDED 87 SBA 504 LOANS.THE FINANCE DEPARTMENT IS CURRENTLY STAFFED BY 3 EMPLOYEES OF THE RELATED GOVERNMENTAL ENTITY, JEFFERSON PARISH ECONOMIC DEVELOPMENT & PORT DISTRICT. THE ECONOMIC DEVELOPMENT FINANCE MANAGER MEETS WITH APPLICANTS, GATHERS INFORMATION NECESSARY TO COMPLETE APPLICATIONS AND SUBMITS APPLICATIONS TO THE FINANCE COMMITTEE OF JEDCO DEVELOPMENT CORPORATION FOR APPROVAL. THE FINANCING OPERATIONS MANAGER IS RESPONSIBLE FOR COORDINATING LOAN CLOSINGS WITH BORROWERS AND CLOSING ATTORNEYS. SHE PREPARES ALL CLOSING DOCUMENTS, ATTENDS THE CLOSINGS, AND ENSURES THAT ALL LEGAL DOCUMENTS ARE FILED WITH THE CLERK OF COURT. THE FINANCING PROGRAMS COORDINATOR INPUTS THE LOAN INFORMATION INTO A SOFTWARE PROGRAM USED TO MONITOR LOAN REQUIREMENTS FOR THE LIFE OF THE LOAN, WHICH IS TYPICALLY 20 YEARS. OVER THE LIFE OF JEDCO'S SBA LOAN PROGRAM, 733.5 JOBS HAVE BEEN CREATED AND 318 JOBS HAVE BEEN RETAINED. SBA REQUIRES THAT A CDC CREATE/RETAIN L JOB FOR EVERY $65,000 OF SBA LOANS. JEDCO HAS CREATED/RETAINED 1 JOB FOR EVERY $34,133 OF SBA FUNDING.IN 2020, 3 LOANS WERE FUNDED TOTALING $1,706,472 WITH ANTICIPATED CREATION OF 21 NEW JOBS.