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/
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$750,000 |