U.S. Department of Transportation (DOT)

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U.S. Department of Transportation (DOT)

Posted On: Tuesday February 3rd, 2004 at 12:00am EST

The DOT program was developed by the Office of Small & Disadvantaged Business Utilization (OSDBU) to offer certified DBEs (disadvantaged and women owned business enterprises) the opportunity to obtain short-term working capital at prime interest rate for transportation-related projects. A transportation related contract is defined as a contract for the maintenance, rehabilitation, and restructuring, improvement of revitalization of any of the nation's mode of transportation with any public or commercial provider of any Federal, State or local transportation agency. This provision is applicable to any prime contractor or subcontractor. Six banks, designated by DOT, administer this program.



U. S. Department of Transportation (DOT) Short Term Lending Program (STLP)
DOT Program	Description of Program	Max.Funding
Short Term Revolving Line	Applicant must have a transportation-related contract and be certified as a DBE by any agency applying DOT guidelines. Start-up companies are not eligible. Purpose: To meet short-term working capital needs for contract being performed. (Contract mobilization; equipment purchases; refinancing of existing debt; payment of non-current taxes and payments to stockholders are not allowed). Funds may be borrowed against each invoice for each contract financed. Line is directly paid down as receivables are collected; balance is transmitted to the borrower. Payment on the contract receivables are made jointly to borrower and STLP bank. Eligibility: Applicant must be a certified DBE by any Agency applying DOT certification guidelines (49 CFR, Part 23 and 26) or SBA 8(a); HUBZONE and Service-disabled Veterans. Terms: One-year line. Maximum length of time is five years; interest rate is at prime. How Does Company Apply? Loan applications may be obtained from the OSDBU Website at: http://osdbuweb.dot.gov/OSDBUSERVICES/tabid/70/Default.aspx. Applications may be forwarded to DOT or STLP Bank. STL Banks: GA, AL, MS Citizens Trust Bank 75 Piedmont Avenue Atlanta, Ga. 30303 David D. Mitchell, VP 404-653-2603 www.ctbatl.com Washington, D. C. (including MD, VA and DC) Adams National Bank 1130 Connecticut Avenue. N.W. Washington, D. C. 20036 Susan Banks, VP 202-772-3721 www.adamsbank.com VA (outside D. C. Metropolitan area) Virginia Community Dev. Loan Fund 1624 Hull Street Richmond, Va. 23224 Janice Fraites, Loan Officer 804-233-2014 www.vcdlf.org IL, IN, MI, MO, OH, MN, WI, IA, KY International Bank of Chicago 5069 North Broadway Chicago, IL 60640 Scott Wiley 708-410-2899 www.inkbk.com CO, KS, NE, SD, ND, NM, AZ, WY, UT, MT, ID, NV, OR, WA, CA Native American Bank, N. A. 165 South Union Blvd., Suite 1000 Denver, CO 80228 Pam Nesius, VP 720-963-5505 www.nabna.com Florida Continental National Bank of Miami 240 East Flagler Street Miami, Fl 33131 Frank Santana, VP 305-374-9330 www.continentalbank.com CT, DE, HI, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, TX, VT, WV, Puerto Rico & U. S. Virgin Islands Nancy Stringer, Manager Short Term Lending Program U. S. Department of Transportation OSBDU 400 7th Street, S.W., Room 9410 Washington, D. C. 20590 202-366-5343 email: nancy.strine@ost.dot.gov http://osdbuweb.dot.gov/	$750,000

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