Growth Capital SBA Community Advantage Loan Program

Growth Capital Corp. is a private nonprofit corporation formed for the purpose of reviewing and processing government assisted loan requests.  The purpose of the Community Advantage Loan Program is to increase the access to credit for small business.  At Growth Capital we work together with business owners and Community Advantage Associates to administer the program.


Program Highlights

  • Maximum Loan Size: $250K
  • Maximum interest rate: Prime + 6%
  • Management and Technical Assistance available when requested

 

Eligible Businesses

For Profit Businesses

  •  Manufacturing, Distribution, Wholesale , Commerce, and Service companies


Use of funds

  • Purchase, new, existing commercial buildings (owner-occupied)
  • Expand or modernize facilities, purchase machinery, equipment, fixtures, and leasehold improvements
  • Finance increased receivables and augment working capital, or inventory
  • Debt refinance

 

Cash Flow

  • Debt service coverage ratio on a consistent basis
  • For business expansions, historical debt service coverage must provide 1 to 1 coverage with reasonable projections in line with industry RMA standards
  • Underwriting will identify and include all reasonable add backs provided they can be documented


Collateral Coverage

  • Collateral Advance rates as required/quoted by the SBA
  • When loan proceeds are used to purchase assets a first lien position in those assets must be obtained.
  • When loan proceeds will be used to refinance existing debt the loan must be secured with the same collateral
  • SBA requires one to one coverage on collateral

  

Please call John Kropf or Kate Kerr at (216) 592-2332 for more information.