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Disadvantaged Business Enterprises_Short Term Lending Program
The Department of Transportation's mission is to ensure fast, safe, efficient, accessible and convenient transportation that meets vital national interests and enhances the quality of life of the American people, today and into the future.
Program Accomplishments
None.
Uses and Use Restrictions
The line of credit is for account receivable financing to support the work being performed on eligible transportation related contracts.
The line of credit cannot be used for equipment purchase or other long term uses; contract mobilization; refinancing of existing debt; payment of taxes; or distribution to stock holders.
Eligibility Requirements
Applicant Eligibility
The recipient of a line of credit must be a certified DBE, or certified small business, including; 8(a); Small Disadvantaged Business (SDB): HUBZONE; Women-Owned Small Business (WOSB); and Service-Disabled Veteran-Owned Business (SDVOB).
For DBE's, this certification must be performed under DOT guidelines, 49 CFR Part 26.
The applicant must be in business for 2-3 years.
This program is not for start-up businesses There must be an existing transportation- related contract(s).
Transportation-related contract is a contract for the maintenance, rehabilitation, restructuring, improvement, or revitalization of any of the Nation's modes of transportation with any public or commercial provider of transportation or any Federal, State or local transportation agency.
Beneficiary Eligibility
Small Business/Small Business Person.
Credentials/Documentation
STLP application dated and signed; 3 years of business financial statements and taxes; 3 years of personal income taxes and current personal financial statement; current work-in-progress; cash flow projection to cover the length of the term of the loan (one year); current DBE or SBA certification; business formation information; company history; resume of key management; business and trade reference letters; and a copy of the signed transportation related contract(s).
Aplication and Award Process
Preapplication Coordination
Information and consultation is available at http://osdbuweb.dot.gov/financial/index.cfm or by calling DOT's Office of Small and Disadvantaged Business Utilization (OSDBU).
Applicants may also request technicalassitance form the nearest Small Business Transportation Resource Center (SBTRC) http://osdbuweb.dot.gov/regional/all.cfm or the nearest SBA's Small Business Development Development Center (www.sba.gov).
Telephone: (800) 532-1169.
(202) 366-5577 or (202) 366-2852.
This program is excluded form coverage under E.O.
12372.
Application Procedures
Applications are submitted directly to one several Participating Leaders (PLs). Applicant may obtain a copy of the application and identify the bank servicing their region from the OSDBU internet site at http://osdbuweb.dot.gov.
Award Procedures
All lines of credit are approved through separate decisions by the Participating Lender (PL) and by DOT. Lines of credit are serviced by approving PL.
Deadlines
Not applicable.
Authorization
Public Law 97-449, 49 U.S.C. 332.
Range of Approval/Disapproval Time
OSDBU staff will reveiw the application for completeness. This review can be within 5 business days. Once it has been determined that the application is ready ti be submitted to the PL, the applicant will submit to the PL a $150.00 application fee along with the complete application. Decisions are made within 30 to 60 days from the time the complete application is submitted to the PL.
Appeals
Not applicable.
Renewals
Applicant may apply for renewal of line of credits as long as they remain eligible (certification is current and they have a current transportation related contract). Renewals and increases in the line of credit are possible. The maximun length in the program is 5 years.
Assistance Considerations
Formula and Matching Requirements
Not applicable.
Length and Time Phasing of Assistance
Lines of credit is for one year term with the possibility of renewal for four additional years based upon continued eligiblity.
Post Assistance Requirements
Reports
Not applicable.
Audits
DOT has the right to audit its accounts with the banks.
Records
OSDBU maintains records of all applicant files, such as approvals, pending review, loan readiness, denials, etc. All line of credit approvals will be maintained for 7 years and non-approvals will be maintained for 3 years.
Financial Information
Account Identification
69-0102-0-1-407.
Obigations
(Loans) FY 07 est not available; FY 08 est not available; and FY 09 est not available.
Range and Average of Financial Assistance
The maximum line of credit is $750,000, and there is no minimum amount.
Regulations, Guidelines, and Literature
Public Law 97-449, 49 U.S.C. 332.
Information Contacts
Regional or Local Office
Not applicable.
Headquarters Office
Office of Small and Disadvantaged Business Utilization, S-40, Office of the Secretary, Department of Transportation, 1200 New Jersey Avenue, S.E. Suite W56-497 Washington, DC 20590. Telephone: (202) 366-5577; toll free (800) 532-1169.
Criteria for Selecting Proposals
Not applicable.
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