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)