La. Admin. Code tit. 48, § VII-713 - Bridge Loans
A. Bridge loans
are restricted, short-term loans to private, non-profit chartered organizations
in an amount equal to anticipated or quoted security deposits and first month
rent. Bridge loans are for the purpose of having funds available at the time of
consummating a lease arrangement for a recovery home under sponsorship of that
organization.
B. Restrictions on
Bridge Loans
1. Private, chartered,
non-profit corporations which have been in existence three months or more prior
of the date of application for the loan.
2. Ninety-day payback
3. Maximum amount limited to $2,000 for each
loan applied for, to cover security, rental and other deposits, lease costs,
and for basis furnishings required for occupancy
4. Non-interest bearing
5. Application for loan must state "Bridge
Loan"
Notes
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