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)

 

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