The SBA recently introduced a new Small Loan Program.
This is an expedited approval process program that only certain CDC’s with Accredited Lender Program (ALP) designation can participate in and GTCC has the ALP designation!
Expedited approval is for loans with a maximum SBA loan amount of $500,000 (gross debenture). This will leverage into projects of:
Total project $1,210,000 at 90% financing
Total project $1,382,000 at 85% financing
Total project $1,610,000 at 80% financing
This program is a great option for qualifying projects allowing for expedited approvals.