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Loan Applications News

20 Dec 2023

What Do MARAD Title XI Changes Mean for Offshore Wind?

The U.S. Maritime Administration (MARAD) has recently announced an amendment to the Federal Ship Financing Program, commonly referred to as Title XI. The amendments have aligned the program’s financial requirements and tests with common current federal credit and maritime lending best practices. In particular, the amendments aim to move away from inflexible static metrics and Title XI’s limited amortization requirements. The amendments respond to concerns that previous terms acted as a barrier to some companies seeking to apply for Title XI support.

03 Apr 2006

$30M Bridge Loan Program Distributed to Business Community

Louisiana Governor Blanco announced that the $30 million Extended Bridge Loan program for small businesses affected by last year's hurricanes has been depleted in less than three weeks. The program has authorized 326 loans, with loan amounts averaging approximately $88,000 each. The program was designed to provide cash infusions for businesses awaiting insurance payments or other financial assistance. "Extended Bridge Loans are helping small businesses across South Louisiana rebuild, re-hire and rejuvenate their operations," said Governor Blanco. Initiated by Louisiana Economic Development (LED), the program was administered through the Louisiana Public Facilities Authority (LPFA) and private banks. "We anticipated that the urgent need for funds would quickly deplete the available pool.