GSDC Direct Loan Program

Purpose:                              

To provide small businesses with a source of gap financing otherwise not 

available through conventional lending sources.  Loans will be made to 504 

loan eligible recipients.

Eligible Projects:

•           Acquisition and or construction of real estate             

•           Acquisition of Machinery & Equipment

•           Working Capital

•           Management buy-outs

•           Corporate Acquisitions

Eligible Businesses:

The business should be at least 2-3 years old with proven performance and growing cash flow.  Management must be knowledgeable, experienced and financially committed to the business.

Loan Amount:                     

Loans will range from $50,000 to $250,000. 

Interest Rate:                       

Fixed for the term of the loan at Prime rate.

Terms:                                   

Loans will have a 5-7 year term with amortization not to exceed 10 years.

Fees:                                     

Borrower will be responsible for out of pocket closing costs to include, but not limited to, attorney fees, title insurance, recording fees, etc.

Collateral:                             

Loans will require a subordinate lien on non-504 project real estate.  20% or greater owners will provide personal guarantees.

Response Time:                 

5-10 days to receive commitment.

If interested please (contact) the Granite State Development Corporation.

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