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.
