GSBDC Revolving Loan Fund
The GSBDC Revolving Loan Fund (RLF) is a flexible loan fund available for the establishment of new businesses and the expansion of existing businesses within Central New York.
Eligible Projects
The GSBDC RLF seeks to fill financing gaps that exist in public and private funding sources by funding projects which will create an above average number of jobs and provide a clear and positive economic benefit to the community.
Eligible Businesses
Any non-retail business that meets the objectives and criteria of the fund. Firms which manufacture a product or provide a service for sale outside the Greater Syracuse area are preferred.
Term
Tailored to each specific loan request and need but generally commensurate with collateral provided.
Interest Rate
Usually fixed for term of loan. Rates will vary depending on loan type, purpose and market condition.
Lien Position
When participating with another lender(s), the lien position will usually be co-equal or subordinate. Personal guarantees are required.
Fees
A commitment fee of 1% of the loan amount and reimbursement of GSBDC legal fees is required. No other fees are usually charged.
Application Process
- Business contacts GSBDC to outline project and determine eligibility.
- GSBDC provides application and list of other required information.
- After application is qualified by staff the GSBDC Loan Committee reviews with principals present. If satisfactory, the Loan Committee recommends approval to the GSBDC Board within days. A commitment letter is executed between GSBDC and the applicant. Upon project completion, a closing will take place.
