On the recordFebruary 10, 2011
Our government is working against us. Dana Dugas in St. Martinville wanted to continue to live the American Dream. He wanted to start his own small business. Mr. Dugas had all the credentials needed to secure a loan: he had run a small successful business before, creating jobs and helping fuel coastal Louisiana's economy. He had the approval from two banks in St. Martinville, $200,000 in cash, a prime location, $205,000 worth of renovations to bring the building up to code, $205,000 in equipment and fixtures that he needed. Mr. Dugas had an 800-plus credit score and 20 percent-plus cash in the bank for the down payment. He had a sound business plan with projections showing a 14 percent profit. His business would employ 10 to 15 full-time employees, and 10 to 20 part-time employees. His appraisal came in at $605,000, $200,000 more than he needed. Everything looked great. Right? So you'd think. Everything looked great until his community small bank told him they could not make that loan. Due to new regulations, they directed him to work with a larger bank and through SBA.
