Have A Loan?

What is my loan balance?
You can request your current loan balance from anyone in our Servicing Department. Please call 216.592.3232 and ask to speak with someone in Servicing.

How much interest did I pay last year?
Each year, during the first half of February, Growth Capital mails out a copy of the IRS form 1098 to every borrower. The 1098 outlines the year-end information, including the loan balance as of 12/31, the yearly paid interest, and yearly fees paid. If you didn’t receive a copy of the 1098, or need to request another copy, please call 216.592.2332 and ask to speak with someone in Servicing.

How do I get a copy of the IRS form 1098 for my loan?
Each year, during the first half of February, Growth Capital mails out a copy of the IRS form 1098 to every borrower. The 1098 outlines the year-end information, including the loan balance as of 12/31, the yearly paid interest, and yearly fees paid. If you didn’t receive a copy of the 1098, or need to request another copy, please call 216.592.2332 and ask to speak with someone in Servicing.

Do I need to submit business financial statements each year?
Yes. As part of the Loan Agreement, borrowers need to submit financial statements (tax returns are preferred) each year. Financials should be from the Operating Company, not the real estate holding company. Please submit your financials via email to rschordock@growthcapitalcorp.com or by mail to 1360 East Ninth Street, Suite 950, Cleveland, OH 44114, to the attention of Bob Schordock. For any questions please call Bob Schordock at 216.592.2332, extension 206.

Our business had a fire/flood/other disaster. Who do I contact about that or anything else regarding insurance on my building or equipment?
Please contact Bob Schordock in our Servicing Department at 216.592.2332, extension 206 or rschordock@growthcapitalcorp.com

How do I get a payoff quote?
If you want to pay off your loan and need a prepayment estimate, contact Bob Schordock immediately at 216.592.2332 or rschordock@growthcapitalcorp.com.  SBA 504 loans have a specific process and set of deadlines that need to be followed for any prepayment.

Can I refinance my first mortgage loan?
The two loans involved with the SBA 504 project are now totally separate, and you do not need our approval to refinance the first mortgage. However, the new lender will probably make their financing contingent upon receiving a loan subordination agreement from Growth Capital. If you plan on refinancing the first mortgage, please contact Bob Schordock in our Servicing Department at 216.592.2332, extension 206 or rschordock@growthcapitalcorp.com

I set up automatic withdrawals (ACH) for my loan payments
To set up automatic withdrawals for making your loan payments, contact Bob Schordock in our Servicing Department at 216.592.2332, extension 206 or rschordock@growthcapitalcorp.com. Automatic withdrawals will come out of the designated account on the first business day of the month.

What should I do if I sell my business?
Selling your business has direct consequences to your loan. Since every sale is different, please call 216.592.2332 and ask for the Servicing Department. We will talk with you about your situation and help you figure out what needs to be done. If someone is assuming your loan, then please contact Bob Schordock in our Servicing Department at 216.592.2332, extension 206 or rschordock@growthcapitalcorp.com

Can an SBA 504 loan be assumed?
Yes, SBA 504 loans are assumable, subject to credit approval. There is a 1% assumption fee, and the original guarantors cannot be immediately released. For more information please contact John Kropf at 216.592.2332 or jkropf@growthcapitalcorp.com.

Can I get a copy of the amortization schedule of my loan?
Yes. If you need a copy of your amortization schedule, or any other loan document, call Bob Schordock in our Servicing Department at 216.592.2332, extension 206 or rschordock@growthcapitalcorp.com

What if I’m having trouble making my payments?
If your business has been struggling and you need to discuss it with us, please contact Bob Schordock in our Servicing Department at 216.592.2332, extension 206 or rschordock@growthcapitalcorp.com