GSDC Micro Loan Fund

Micro Loan Description

GSDC provides loans up to $50,000 which can be used for working capital, real estate, machinery and equipment, furniture and fixtures as well as refinancing existing debt.
 

Micro Loan Eligibility

  • Manufacturing, retail, wholesale and service businesses usually having five employees or less, and $500,000 or less in annual revenues
  • Existing businesses with one full year of operation
  • Start-up businesses, on an exception basis, with appropriate justification and projections
     

Micro Loan Term and Rate

  • Up to five years at the current fixed market rate


Micro Loan Collateral

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


Micro Loan Job Requirements

  • The small business has to demonstrate potential for job creation or retention


Micro Loan Eligible Areas

  • New Hampshire, Massachusetts, Maine and Vermont


Micro Loan Application Requirements

  • Business operating history
  • Documentation on the use of loan funds
  • Collateral
  • Income tax returns for the business for the last 2 years and interim financial statements no older than 120 days
  • Personal financial statement and resume for all Principals


Micro Loan Fees

  • A $50 non-refundable application fee
  • Closing costs (variable)

 

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