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 $1000 to $35,000.
Eligible Businesses Eligible businesses must be for-profit entities.
Ineligible Businesses 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.
Eligible Uses Working Capital (inventory, receivables, contract financing, and operating capital); Machinery & Equipment; Leasehold Improvements; Fixed Assets; Start-Up and Expansion Expenses.
Loan Terms The maximum is 7 years (84 months). The interest rate will be in relationship to prime based upon risk, term and conditions.
General Requirements 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.
Dispursement Loan proceeds are done on a controlled disbursement.