Purpose: To increase the creation and expansion of businesses, operated by low-to-moderate income individuals. Increase access to traditional and conventional financing sources to low-to-moderate income individuals.
|How Much Can Be Borrowed
||Loan amounts range from $500 to $10,000.
||Eligible businesses must be for-profit entities.
||Loans to social service agencies that provide for the care and rehabilitation of people, religious institutions, or other non-profit service providers.
|Ineligible Uses of Loan Proceeds
||Refinancing existing debt, loans to private clubs with restriction on membership or patronage, and loans in the realm of real estate speculation.
||Working Capital (inventory, receivables, contract financing, and operating capital); Machinery & Equipment; Leasehold Improvements; Fixed Assets; Start-Up and Expansion Expenses.
||The maximum is 7 years (84 months). The interest rate will be in relationship to prime based upon risk, term and conditions.
||A completed loan application packet; Demonstrate the ability to repay the loan within the specific time; Business coaching prior to loan application; Agree to ongoing Technical Assistance through GCMI.
||Loan proceeds are done on a controlled disbursement.