GSDC Direct Loan Fund

Direct Loan Fund Description

GSDC provides loans up to $250,000 which can be used for purchasing real estate, construction/renovation/expansion of a building, new or used machinery and equipment, as well as be used for working capital or refinancing existing debt.
 

Direct Loan Fund Eligibility

• Existing businesses with two full years of operation
• Start-up businesses, on an exception basis, with appropriate justification and projections

Direct Loan Fund Term and Rate

• Term up to 10 years with an amortization of up to 20 years
• At or below Prime rate, fixed
• Can be subordinated debt

Direct Loan Fund Collateral

• All appropriate business assets, personal guarantees and personal assets to collateralize the loan

Direct Loan Fund Eligible Areas

• New Hampshire, Massachusetts, Maine and Vermont

Direct Loan Fund Other Requirements

• Personal guarantee required for any Principal with 20% or more ownership in the business
• Secured by commercial or residential assets

Direct Loan Fund Approval Process

• GSDC can approve this loan usually within 7 days of submission

Direct Loan Fees

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