Confidential

Ameridura Manufacturing Company (A Benefit Corporation)

Ameridura Homes — customer brand

Building America’s Next Generation of Homes.

Business Plan · September 2026 · 7 acres · ~40,000 SF · Old Gentilly

Proposed borrower: Ameridura Manufacturing Company (A Benefit Corporation), subject to formation and filing as a Louisiana business corporation electing the Benefit Corporations Law. Ameridura Homes is the customer-facing brand. The borrower is not an LLC.

Confidentiality and Important Information

This document is confidential. It is furnished solely for evaluation of Ameridura Manufacturing Company (A Benefit Corporation) by authorized recipients. It may not be copied, distributed or disclosed except as required for that evaluation.

The document describes the Company’s organization, product, manufacturing platform, market, capital requirements and financial projections. Supporting evidence, quotations, calculations and source documents are in the appendices and the accompanying financial model.

Forward-looking statements, capacity figures and cost objectives are projections or design targets unless expressly identified as historical results. They are subject to engineering validation, supplier pricing, commissioning and market conditions.

This document is not a commitment to lend, an SBA approval, an offer of securities, a tax opinion or a legal opinion. Program eligibility, structure and terms are determined by the participating lender, CDC and applicable SBA rules.

Phase I Capital Request

Repayment, the plant, management, customers, collateral, and cash equity.

SBA 7(a) eligibility is 13 CFR § 120.100 and SOP 50 10 8.1: operate for profit; located in the United States; small under SBA size standards; an eligible business; unable to obtain the desired credit on reasonable non-government terms; creditworthy; and a reasonable ability to repay.

The borrower will be a Louisiana benefit corporation taxed as a C corporation. That election is identity and governance. It does not confer extra SBA approval points, a higher guarantee, extra loan amount or a DSCR waiver. The loan is underwritten on repayment, the plant, management, customers, collateral and the $500,000 cash equity.

1. Repayment. Here is how Ameridura generates enough cash to service the debt. Stabilized debt service on $4.5 million is about $595,000 a year (~$50,000 a month). Credit-case DSCR is 1.47× in the commissioning year (partial-year production vs partial-year service), then 5.81× in the first full P&I year (FY2028 EBITDA ÷ $595,000). SBA covenant proxy is 1.25×. Proposed Day-1 invoices are $112/SF factory-gate and $125/SF family.
2. Manufacturing. Here is the factory, equipment, production system and capacity. 7 acres, 40,000 SF, Michoud industrial corridor adjacent to NASA Michoud Assembly Facility at 13800 Old Gentilly. Target listing 55197 not owned. Six catalog models; Phase I manufactures four. Underwritten production: commissioned 4–6 complete homes a month; mature one-shift 10–12; two-shift 20–24. Credit-path complete homes: 30 / 120 / 240 / 480 / 480. 40–45/month is the building envelope; 50 HE/month is not underwritten.
3. Management. Here are the people who know how to run manufacturing, engineering, technology, finance, construction and quality. Founder is presented as an entrepreneur with seven-figure operating businesses, not as a plant engineer. CMO is a designate pending Appendix B. PE, controller, quality and plant manager are launch or commissioning hires. SOP 50 10 8.1: industry experience is helpful, not an absolute bar.
4. Market. Here are the customers, developers, builders, DTC buyers and institutional opportunities. Proposed Day-1 prices: $112/SF factory-gate and $125/SF family. Those are company-set invoices, not contracted ASP. Hotel LOI is commercial-channel evidence in Appendix O. Housing offtake letters are not yet in the file. Committed homes today are zero.
5. Collateral. Here is what secures the loan. The borrower holds the plant, the building, and the equipment register. 504 on real estate. 7(a) on equipment, inventory, and a blanket. Assets sit in the same name that signs the note.
6. Capital. Here is the founder’s $500,000 contribution and the total capitalization. Phase I is $5,000,000 = $500,000 sponsor equity + $4,500,000 financing. Sponsor equity of $500,000 will be contributed in cash to Ameridura Manufacturing Company prior to or concurrently with closing, subject to lender verification.
7. Benefit corporation. And here is why this company creates measurable public benefit. Louisiana benefit-corporation election is identity. It does not replace #1–6.

SOP 50 10 8.1 — Lender and Development Company Loan Programs. Effective October 1, 2026, for applications issued an SBA loan number on or after that date. Information Notice 5000-880695.

Contents

1. 01 Executive Summary
2. 02 Company
3. 03 Product Platform
4. 04 Manufacturing System
5. 05 Market Opportunity
6. 06 Target Markets
7. 07 Sales & Distribution
8. 08 Competitive Economics
9. 09 Management
10. 10 Operations
11. 11 Quality / Regulatory
12. 12 Capital Request
13. 13 Sources & Uses
14. 14 Working Capital
15. 15 Financial Projections
16. 16 Debt Service
17. 17 Risk Management
18. 18 Implementation
19. 19 Growth / Second Plant
20. 20 Appendices / Data Room

Executive Summary

Ameridura Manufacturing Company (A Benefit Corporation) is a Louisiana-based ICF factory-built housing manufacturer. Ameridura Homes is the consumer brand. ICF is the core structural technology, not an option. The public catalog is six standardized IRC modular models on one production platform. Phase I manufactures four: The 1,250, The 1,500, The 1,850 and The 2,100. The 2,500 and The 2,750 are fully engineered and reserved for later activation when purchase orders require them.

Lenders should see this business as: we manufacture standardized ICF housing products at volume. The underwriting case is staffed two-shift production of 20–24 complete homes per month (240/year in FY2029). The mature factory identity — 60% standardized homes, 20% kits, 15% custom and 5% commercial at 50 home-equivalent slots per month — is Year 4–5 mix, not the note. Standardized homes are the engine. Kits are the second engine; kit dollars are not in the credit-case P&L. Commercial is a 5% slot. One hotel / hospitality LOI is Appendix O evidence of that channel. It does not underwrite $100 million of housing revenue.

The Phase I plant is a 40,000-square-foot manufacturing facility on 7 acres, Located in the Michoud industrial corridor adjacent to NASA Michoud Assembly Facility, 13800 Old Gentilly Road. NASA is a location pin and an industrial-neighbor fact. It is not a customer, not offtake, and not an endorsement. Production begins with The 1,250 first-article validation, followed by catalog production across the four Phase I models. Proposed Day-1 Complete Home pricing is $112/SF factory-gate for B2B customers and $125/SF for the Louisiana DTC house channel. Those are company-set invoices, not contracted prices. Current modeled factory COGS is approximately $92/SF on the designed two-story BOM, including a planning freight line, and remains subject to supplier quotes and first-article validation.

The Company’s target markets are Louisiana statewide plus selected Southern markets where finished housing values, housing demand and freight economics support Ameridura’s delivered-cost advantage. Markets below the Company’s $180/SF national screening threshold are not prioritized except for the Louisiana home market. Ameridura manufactures a code-compliant permanent home at a factory cost below the replacement / finished-home economics of its target markets. USDA is one downstream financing channel for qualified homebuyers on eligible addresses. The manufacturer is not paid by USDA.

The Phase I project is $5.0 million. Sponsor equity of $500,000 will be contributed in cash to Ameridura Manufacturing Company prior to or concurrently with closing, subject to lender verification. Together with the $400,000 unspent operating reserve, post-closing liquidity in this model is $900,000. Initial inventory of $175,000 is stock, not cash. Financing is $4,500,000, subject to final 504/7(a) allocation. The factory tour is the showroom. One first-article demonstration pad sits at the gate.

The Company’s competitive advantage is repeatable factory production, standardized procurement, controlled labor, reduced weather exposure, ICF structural performance, predictable production scheduling, and the ability to deliver a financeable permanent home at a factory cost below the replacement / finished-home economics of selected target markets.

Locked Financial Assumptions

Every subsequent section of this plan pulls from this table. There is one plant, one pricing structure, one capacity schedule, and one sales-channel model.

Company

Proposed borrower: Ameridura Manufacturing Company (A Benefit Corporation), subject to formation and filing as a Louisiana business corporation electing the Benefit Corporations Law. Ameridura Homes is the customer-facing brand. The borrower is not an LLC.

Ownership at formation is 100% Philbert Andre Honore. The borrower will be a Louisiana benefit corporation taxed as a C corporation. That election is identity and governance. It does not confer extra SBA approval points, a higher guarantee, extra loan amount or a DSCR waiver. The loan is underwritten on repayment, the plant, management, customers, collateral and the $500,000 cash equity. Paparazzi Marketing Group LLC is a disclosed affiliate (operating since 2011) and holds 0% of Ameridura. It is not the borrower. Affiliate financials are founder operating history, not Ameridura revenue.

The Company manufactures standardized, code-compliant homes at a controlled factory cost and sells them through defined channels. Land, site work and mortgages sit with the buyer, a developer, a licensed construction operation or an independent lender, as the transaction requires.

Counsel will separately evaluate shareholder-level tax planning, including potential QSBS treatment under IRC §1202. QSBS exclusion is not booked as a credit-case assumption. That analysis belongs in a structuring memorandum, not in this manufacturing plan. Counsel aligns the articles, bylaws, independent benefit-director seat, shareholder provisions, stock-certificate legend, and benefit-reporting calendar before the lender sees the final organizational documents. Formation is complete when the Commercial Division stamps the articles.

Product Platform

Ameridura manufactures a six-model ICF modular line on one set of stations: The 1,250, The 1,500, The 1,850, The 2,100, The 2,500 and The 2,750. Phase I manufactures the first four. The 2,500 and The 2,750 stay engineered on-deck. Finish packages change appearance. Completion level — Complete Home, Shell, Dry-In or Build Kit — changes how much of the house the factory ships. The structural SKU does not. There is no 640-SF house. Official construction drawings come from the Company with the order. This plan does not publish substitute floor plans. First article is The 1,250. The 1,500 is the Phase I hero / volume house.

The 1,250 is the Company’s first-article production unit and cost laboratory. The 1,500 is the Phase I hero / volume model. The 1,250 validates the four-model Phase I manufacturing system. The 2,500 and The 2,750 stay engineered on-deck.

Ameridura is an ICF-based factory-built housing manufacturer. ICF is the core structural technology, not an option. The same ICF platform is sold as complete standardized homes, ICF home kits, custom ICF homes, commercial / hospitality ICF projects, and ICF wall / structural assemblies to builders. We build the house. You finish the house. The customer gets the Ameridura design, engineering, factory precision and ICF system without paying Ameridura to install every finish.

Complete Home and Kit SKUs

Every model has a Complete Home SKU and Kit SKUs. We manufacture one house platform. Then we monetize it multiple ways. Preliminary Ameridura kit targets. Not market-verified prices. Not in the lender financials until BOM and freight are locked.

• Ameridura Shell. The lowest-cost entry. Structure, ICF envelope, openings, roofing and engineering. Customer handles the interior.
• Ameridura Dry-In. Weather-tight structure. Customer finishes the interior.
• Ameridura Build Kit. We manufacture the building system. You supply fixtures and final finishes.

Owner / builder supplies: Toilets, Faucets, Sinks, Shower fixtures, Mirrors, Light fixtures, Appliances, Paint, and the rest of the finish list. Ameridura supplies the manufactured building system.

Do not call a kit permit-ready nationwide. The plan set and engineering package are standardized. Local structural engineering, foundation design, site-specific loads, permitting, utility design and inspections may still be required. Path: Ameridura master engineering → state/jurisdiction adaptation → site-specific permit package.

The dwelling is specified so a buyer’s mortgage lender can treat the completed home as real property on a permanent foundation under the modular guidelines of FHA, Fannie Mae, Freddie Mac, USDA and VA. Those programs finance the homeowner. Ameridura manufactures a code-compliant permanent home at a factory cost below the replacement / finished-home economics of its target markets. USDA is one downstream financing channel for qualified homebuyers on eligible addresses. The manufacturer is not paid by USDA.

Plant site — Michoud industrial corridor

The location pin is NASA Michoud Assembly Facility, 13800 Old Gentilly Road, New Orleans, LA 70129. The factory occupies 7 acres directly across that paved industrial street, on the same built-out strip as Folgers at 14601 and the Michoud Boulevard warehouses. The researched vacant tract across from 13800 is 55197 Old Gentilly Road (12.70 acres, MLS 2492745, $275,000 ask as of September 2026) — not owned. Adjacency is a manufacturing-location factor. It is not a NASA contract and it is not an appraisal.

Everything across the street is already on utilities — NASA, Folgers, Entergy, Michoud Boulevard warehouses. Old Gentilly is a four-lane industrial spur. Streets do not need to be built. Water, sewer, and Entergy at 55197 are an MLS claim as of September 2026. Get the letters before we close.

Not purchased. Not under contract in this file. Fee-simple target: the vacant industrial listing at 55197 Old Gentilly Road. If a different parcel closes, rewrite this file. If the plant is leased instead, the mortgage is replaced by a landlord waiver and assignment of lease — say that before a CDC spends an appraisal.

Occupancy is 7 acres of the 12.7-acre listing. Remainder 5.7 acres stays same-parcel yard / future pad — not lots, not a 12-acre factory. Land line $500,000; listing ask $275,000. Slack is not a purchase. The listing is one 12.70-acre industrial parcel. Phase I occupies 7 acres for the plant, truck yard, and house staging. The remaining ~5.7 acres stay on the same parcel as industrial yard / a future pad — not lots, not a street grid, not a 12-acre factory in product copy. Do not buy extra dirt on this note in order to subdivide it.

MLS utilities are not a tap letter, not a capacity letter, and not a quote to bring three-phase onto this pad. Across the street ≠ stubbed at the transformer.

Sold comps — Michoud Boulevard

NASA at 13800, Folgers at 14601, Entergy at the west edge, and the Michoud Boulevard warehouses are operating industrial plants on paved public streets. A house factory across Old Gentilly is a conforming industrial use on a manufacturing strip — not a pasture conversion and not a residential NASA-view premium. Sold warehouses on Michoud Boulevard show that local manufacturers already pay to sit on this street.

Kern’s two Michoud Boulevard purchases total about $2.4 million for 22 acres of the same industrial strip. 55197 is the vacant dirt those warehouses parallel. Combined purchase is not a vacant-land residual and is not our as-completed plant.

Do not capitalize hoped-for NASA work into real-estate value. Do not use D.R. Horton house sales. Do not treat Propel Park as a fee-simple land sale — NASA leases that campus; it does not sell it.

Manufacturing System

The Phase I plant occupies 7 acres and approximately 40,000 SF on Old Gentilly Road industrial corridor, New Orleans East, Located in the Michoud industrial corridor adjacent to NASA Michoud Assembly Facility, 13800 Old Gentilly Road. NASA is a location pin and an industrial-neighbor fact. It is not a customer, not offtake, and not an endorsement. The researched vacant tract is 55197 Old Gentilly Road, New Orleans, LA 70129 (12.7 acres, MLS 2492745) — not purchased. Survey and title replace the listing legal.

Located in the Michoud industrial corridor adjacent to NASA Michoud Assembly Facility at 13800 Old Gentilly. The 7-acre plant pad across that street is raw land. Folgers, Entergy, and the Michoud Boulevard warehouses already sit on utilities; Kern paid $2.4 million for those warehouses in 2022–2023. $200,000 of site work is a planning estimate for yard finish and a short tap — not a contractor bid, not fill, not a new road.

Automation and AI are being incorporated into the manufacturing system to increase throughput, reduce labor intensity, improve quality control, and allow production capacity to scale through additional shifts without requiring a proportional increase in fixed infrastructure. Initial projections are based on conservative staffed production levels. As automation, process optimization and additional shifts are validated, the company expects to increase throughput within the existing facility. The debt-service case works at 20–24 complete homes per month. 35–45+ complete homes per month, if demonstrated, is upside to the lender — not a condition of approval.

Designed, validated, and underwritten capacity

Credit-path capacity — complete homes vs home-equivalents

600 home-equivalent units does not mean 600 completed houses. The physical building envelope is approximately 40–45 completed houses per month. Kit production consumes less downstream (finish-line) capacity than a complete house and is therefore measured separately as home-equivalent capacity. Kit package dollars are identified at maturity and are not booked in the credit-case P&L until BOM and freight are locked.

Digital manufacturing system

Configuration → BIM → BOM → procurement → production → QC → shipping → installation. Autodesk BIM is the engineering authoring system. ERP/MES controls production. Barcode and serial traceability link each home to its BOM and QC record. A digital model is maintained for production and service.

Market Opportunity

The United States has a documented housing-supply deficit. Ameridura’s serviceable market is IRC modular housing within economic freight range of the Louisiana plant, in markets where finished listing values, demand and freight support a delivered price below local comps. A housing shortage is not a customer. The credit question is which builders and developers will buy these houses, at what price, and with what deposits.

National target-market filter

1. Market housing value ≥ $180/SF (median listing, not Ameridura’s invoice).
2. Sufficient new-home demand and a path to licensed set / install.
3. Freight from Louisiana is economically viable.
4. Ameridura delivered cost leaves a meaningful price advantage versus finished comps.

Ameridura manufactures a code-compliant permanent home at a factory cost below the replacement / finished-home economics of its target markets. USDA is one downstream financing channel for qualified homebuyers on eligible addresses. The manufacturer is not paid by USDA.

USDA is not accepted by city. Eligibility is determined at the specific property address. USDA’s Single Family Housing Guaranteed Loan Program lets qualified buyers purchase or build a primary residence in an eligible rural area. USDA publishes an address-level eligibility map. That map is not a final determination until USDA reviews the application.

The sales sweet spot is 30–60 minutes outside major Southern metros — cheaper land, USDA-eligible lots, housing demand, and a finished-home market that still supports a substantial price above factory cost. We do not need to target only major-city cores.

Address map: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfpd. Listing $/SF figures are current median listing prices per square foot used as a market benchmark (Realtor.com / FRED metro series as cited for August 2026 Louisiana; planning bands elsewhere). They are not Ameridura’s invoice and not an appraisal.

Target Markets

Phase I sales energy: the Southeast, Gulf South, Texas, Virginia, and selective Alabama. Louisiana is the home market. The website can take a lead from any ZIP. The factory’s sales energy does not chase California, New Mexico, Oregon, Utah, or Nevada on the first push.

Louisiana — statewide home market, with primary emphasis on New Orleans, Northshore and other higher-value growth corridors, supplemented by local direct-to-consumer sales throughout the state. Freight and service economics are different here because the factory is here. USDA remains address-specific. We do not claim every parish, every lot, or the entire New Orleans metro is above $180/SF. New Orleans proper is the $211 listing benchmark; the metro series sits lower. Qualifying surrounding communities are identified separately.

National expansion: additional jurisdictions where the Company or qualified installation partners complete applicable state licensing and modular approval, and where market value, USDA-eligible territory, demand and freight economics support the delivered-cost advantage.

Phase II geographic expansion: markets where delivered logistics remain competitive, including selected Western markets. California, Oregon, Utah, New Mexico, Nevada and Arizona are deferred on freight, not on housing value.

Phase II / deferred geographic expansion

• California — too far
• New Mexico — too far
• Oregon — too far
• Utah — too far
• Nevada — hold
• Arizona — hold / selective
• Memphis — too cheap
• Birmingham — too cheap
• Little Rock — too cheap
• Columbia, SC — too cheap
• San Antonio — below threshold except a named $180+ pocket
• Huntsville — below threshold
• Roanoke — borderline / below

Next sales work — not pretended as already walked: for every first-round market, identify the actual USDA-eligible counties, ZIPs and communities within about 50–75 miles, then rank them by listing $/SF and distance from the Louisiana factory. That is the map a sales team can work. This file is the first-round list. It is not a ZIP-level eligibility determination.

Sales & Distribution

Two axes. Product mix at maturity (Years 4–5 identity, not the underwriting case) is 60 / 20 / 15 / 5 of 50 home-equivalent slots per month. Acquisition of complete homes is developers, the builder / installer network, Louisiana DTC, housing partners, and realtor introductions inside DTC. National digital is marketing, not a customer channel. Kits are an official product line; kit dollars are not in this P&L.

Price status

FY2027 → FY2028 revenue growth follows the production ramp (30 → 120 complete homes), not a housing-shortage story. The path is order-driven. The plant releases a house after a signed contract and a 25% deposit.

One hotel / hospitality letter of intent is in Appendix O as commercial-channel evidence. It does not substantiate $100 million of annual housing manufacturing revenue and it does not count toward the housing offtake floor.

Three housing letters totaling 24 homes is the internal offtake floor before full equipment draw. Those letters are not in this file yet.

At the 240-home two-shift level, on a 1,992-SF average house: 100 × 1,992 × $125 = $24,900,000; 140 × 1,992 × $112 = $31,234,560. House revenue $56,134,560. Kit dollars are additional only after BOM lock.

Ameridura’s commercial installation footprint consists of states in which the Company or its qualified installation partners have completed the applicable state licensing and modular approval requirements. NASCLA examination credit is one component of the licensing pathway in participating jurisdictions. NASCLA is not a national contractor license and does not itself define where Ameridura can install.

NASCLA does not issue a national contractor license. A passing NASCLA Accredited Commercial General Building Contractor examination may satisfy the trade-exam requirement in participating jurisdictions. The company and its installation partners still apply to each state agency and satisfy that state’s remaining requirements — business and law, financials, qualifying party, recovery fund, and whatever that board requires. Modular labeling of the house is a separate program.

Current NASCLA Commercial General Building Contractor participating jurisdictions: Alabama, Arizona, Arkansas, California, Florida, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oregon, South Carolina, Tennessee, Utah, Virginia, West Virginia, U.S. Virgin Islands. Kentucky and Oklahoma are not on that list.

Five-year mix

Competitive Economics

Current underwriting cost: approximately $92/SF modeled factory COGS on the 2,500-SF designed BOM, including planning freight, pending supplier quotations and first-article actuals. Near-term cost-down program: labor productivity, purchasing, waste reduction, design-to-cost and overhead absorption. Future cost-reduction opportunity — not included in underwriting. The $50/SF manufacturing cost objective is excluded from the base-case P&L, DSCR and working-capital sizing.

Factory COGS vs delivered / set — The 2,500

Approximately $92/SF is modeled factory COGS on the 2,500-SF designed BOM, including a $7,400 outbound-freight planning line — not manufacturing plus a leftover few hundred dollars of freight. Crane/set and field installation sit outside factory COGS and are contracted per job.

Three cost layers

Two-story SKU — Day-1 tickets vs listing comps

PRE-PRODUCTION TARGET — NOT HISTORICAL COST. Designed bill of materials: Gulf-South planning prices. First-article actuals on The 1,250 replace this schedule. The $50/SF manufacturing cost objective is the engineering target, not the present factory cost.

Management

Philbert Andre Honore is Founder, Chairman and Chief Executive Officer. He has more than two decades of business ownership, including Paparazzi Marketing Group LLC (founded 2011) and Ooh La La Boutique. Affiliate financials are founder operating history. They are not Ameridura revenue.

Named seats other than the founder are not submitted as accomplished manufacturing executives until Appendix B contains résumés, references and executed agreements. The CMO seat is the single most important hire on this file.

FY2027 headcount is 46 — a commissioning one-shift plant. The second shift is hired when the note books two-shift volume.

Operations

The financial projections follow the operational ramp. FY2027 is not a two-shift year. The building can theoretically do more; the note books what the plant will actually staff and sell.

Showcase property

The $100,000 demonstration line does not buy three houses. The first-article house is production COGS. This line is pad, set, furnishings, a visitor path, and a sales desk inside the factory. Customers walk raw material → ICF → assembly → finished home.

Quality / Regulatory

Destination-state IRC as adopted, state modular program labels, and third-party inspection apply as required. The house is IRC modular on a permanent foundation — not HUD-code chassis housing.

OSHA compliance is a plant operating requirement: written program, EHS coordinator, lockout / tagout, machine guarding, welding ventilation, powered industrial truck and crane safety, workers’ compensation, training, and Louisiana Workforce Commission consultation. SHARP is a future initiative, not a Day-1 claim.

Optional federal contracting strategy, including any 8(a) analysis, is a separate appendix. It is not part of the core manufacturing underwriting unless and until the Company pursues that path.

The house ships under IRC as adopted by the destination state and that state’s modular program. NASCLA does not replace plan review, third-party inspection, or a factory-built housing manufacturer license.

Capital Request

Total Phase I project: $5,000,000. Sponsor equity of $500,000 will be contributed in cash to Ameridura Manufacturing Company prior to or concurrently with closing, subject to lender verification. Together with the $400,000 unspent operating reserve, post-closing liquidity in this model is $900,000. Initial inventory of $175,000 is stock, not cash. Financing: $4,500,000. That is a 10% sponsor equity injection on a $5.0 million project. From a credit standpoint the borrower has not operated this plant before, so post-closing liquidity, named manufacturing leadership, customer deposits and project completion risk carry extra weight.

SBA currently allows qualified borrowers to combine 7(a) and 504 financing. Final split is by the CDC and lender. This application is a domestic manufacturing plant with national sales.

Sources & Uses

Equipment register ties to Sources & Uses

504-eligible real estate $1,700,000. 7(a) capex $1,500,000. 7(a) working capital $1,800,000. Every equipment price in this file is an estimate for planning. It is not a vendor quote, not an appraisal, and not a bid. Terry + industrial + structural + manufacturing engineering write specifications and RFQs before a major machine is purchased. Replace this schedule with quoted amounts before SBA authorization.

$1,000,000 building — planning estimate, not an all-in factory

Planning estimate for a used or relocated high-bay on a prepared pad — not new Class A industrial construction, and not an all-in finished factory. Raw-land fill and elevation, long off-site utilities, a new electrical substation, wetlands mitigation, and a paved campus are not inside the $1,000,000. The slab line assumes a prepared pad. Civil unknowns on fill sit in the site-work closing condition.

$200,000 site development — planning estimate, not a bid

Planning estimate — not a contractor bid, not a utility letter, not a civil-engineer stamp. Geotech, FEMA zone, wetlands delineation, survey, and water / sewer / electric / gas letters replace this estimate before closing on the dirt. If those numbers come in above $200,000, the project budget is revised rather than absorbed silently. The $400,000 operating reserve is not a construction contingency.

This $5,000,000 uses table does not contain a separate 5–10% construction/equipment contingency line. The $400,000 operating reserve is post-closing cash — payroll float, utilities, receivables lag, a late machine, a slow certification. It is not a building-and-site contingency. Equipment, building and site figures are planning estimates pending quotations. If bids exceed the line, the uses are revised before authorization.

Working Capital

$1,800,000 of 7(a) uses is startup operating capital for the first 12–18 months: engineering, certification, digital backbone, payroll float, initial inventory, insurance/legal, marketing launch, the first-article demonstration pad, and a $400,000 unspent cash reserve. Draws follow invoices. The reserve is held. This application is a domestic manufacturing plant — 504 on real estate and 7(a) on equipment, startup and working capital.

$400,000 operating reserve plus $175,000 initial inventory plus $350,000 payroll float is $925,000 — the cash that floats houses. Spent launch is $875,000. Together that is $1,800,000 of 7(a) working capital. Draws follow invoices. The reserve is not 12 months of runway at full headcount, and it is not a construction contingency.

25% deposit — contract path

1. Customer contract. SKU, quantity, ship window, proposed price, deposit terms.
2. 25% deposit. Collected before the house is released to the line. Customer cash, not a factory receivable.
3. Production release. Engineering, BOM, materials pull, station schedule.
4. Manufacture. Quality gates on the floor. WIP is floated by startup working capital plus the deposit.
5. Delivery. Remaining 75% collected at delivery / transfer.

Month 1–12 draw of the $1.8 million

The $400,000 operating reserve is held. The schedule below is how the remaining $1,400,000 is drawn. Debt service during installation is interest-only and sits on the 24-month cash-flow exhibit, not in this uses draw.

24-month operating cash — months 1–12

Opening cash is $900,000 (sponsor equity plus unspent reserve). Months 1–6 are installation. Months 7–12 are commissioned production.

24-month operating cash — months 13–24

Full P&I begins in FY2028. This is a planning schedule, not booked purchase orders. Committed homes and deposits today are zero.

7(a) Working Capital Pilot is a later revolving facility. SBA currently requires at least one year of operating history plus timely financial statements and A/R, A/P and inventory reporting. It is not this application.

Financial Projections

Manufacturing P&L only. Complete-home invoices at proposed Day-1 prices. Assemblies are extra invoices, not extra homes. Kit package dollars are not in this book until BOM and freight are locked. Future cost-reduction opportunity — not included in underwriting. The $50/SF manufacturing cost objective is excluded from the base-case P&L, DSCR and working-capital sizing. Affiliate receipts are not in this book. FY2027 → FY2028 revenue growth follows the production ramp (30 → 120 complete homes), not a housing-shortage story. The path is order-driven. The plant releases a house after a signed contract and a 25% deposit. Committed homes today: 0. Deposits today: $0.

FY2027 Commissioning year — first article, then 4–6 homes/month for six months (30 homes). FY2028 Mature one shift — 120 homes. FY2029 Two-shift factory — 240 homes (100 Louisiana DTC + 140 national B2B). FY2031 Mature mix held — 480 complete homes + 120 kit slots. Kit dollars not in this P&L..

Debt Service

Illustrative stabilized annual debt service on $4,500,000 of 504 plus 7(a) financing is $595,000 — about $49,583 a month, not $500,000 a month. FY2027 books partial-year service of $298,000 during installation and commissioning. The first full P&I year is FY2028: $3,456,292 EBITDA ÷ $595,000 = 5.81×. SBA covenant proxy is 1.25× DSCR on EBITDA from that first full P&I year. Mature coverage target is 4.0× on that same $595,000 service. The debt-service case is the two-shift underwriting path (20–24 complete homes/month), not the building’s 40–45 envelope.

Rates, amortization and guarantee fees are determined by the lender and CDC. These figures are planning debt service for coverage, not a commitment.

Risk Management

Implementation

1. Formation and filing of the benefit corporation. EIN. Bank. Insurance binders.
2. Land contract, survey, title, environmental, flood determination, as-completed appraisal.
3. Building and equipment draws against invoices. CMO designs the line before major machine purchases.
4. Licensing: Louisiana manufacturer, dealer, salesman and qualifying party as required.
5. Hire the commissioning roster. Written OSHA program. LWC consultation.
6. The 1,250 first article. Then catalog production at 4–6 homes per month.
7. Factory-tour demonstration and first-article pad ($100,000). Ameridura Homes launch ($100,000).

Commissioning roster

Growth / Second Plant

When this floor is full at the staffed third-shift plan (480 complete homes), the next file is another Ameridura plant. Stretch 40–45 on this building is the envelope, not a reason to skip a second facility, and not the approval case. Phase II geographic expansion follows freight economics.

Appendices / Data Room

Technical, legal and tax materials sit behind this plan. They are evidence. They are not the credit case. Before this file goes to a lender, the data room still needs:

• Equipment quotations: supplier, machine, price, lead time, warranty — replacing the $700,000 / $550,000 planning cells.
• Construction and site bids behind the $1,000,000 building and $200,000 yard, plus utility letters.
• Executed Manufacturing Leadership Agreement and résumé for the CMO seat (Appendix B).
• Three to five builder / developer letters stating volume and a price they would consider, subject to specifications.
• The 24-month cash-flow schedule in this plan, kept current as deposits and purchase orders arrive.

• Plant site research: NASA 13800 Old Gentilly as location pin; target listing 55197 (not owned) — /site
• Designed bill of materials and SKU drawings
• Equipment register (tied to Sources & Uses)
• Plant capacity arithmetic
• USDA eligibility map and market listing sources
• OSHA program outline and FastStart / SHARP pathways
• Counsel: formation, benefit-corporation election, QSBS evaluation
• Optional federal contracting strategy (8(a)) — separate file
• Affiliate financial history (Paparazzi Marketing Group LLC, Ooh La La Boutique)

Supporting pages on this site (/site, /appendix, /factory, /budget, /structure) are the data room. This document is the lender business plan.