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)
