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.
Community Advantage
The Community Advantage Loan Program helps to increase access to credit for small businesses.
Mission Spotlight
Glatte Inc.
Glatte Inc.’s SBA Community Advantage Loan from Growth Capital left a big impact on the company.
Program Highlights
Fixed Asset Financing
- Maximum Loan Size: $350K
- 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 Jeff Sozio at (216) 592-2332 for more information.
Contact Us
The Community Advantage Loan Program helps to increase access to credit for small businesses.
Call us today about the Community Advantage Loan Program
Community Advantage Process
- Receive Loan Referral
Borrower or Bank, CPA or other Referral agent reaches out to Growth Capital Loan Prospect. - Eligibility Review
Growth Capital ensures loan is eligible for SBA financing and obtains SBA Credit Score. - Underwrite Loan
Obtains documents from borrower and works to approve the loan. - Loan Committee
Growth Capital loan officer presents loan request to Growth Capital loan committee. - SBA Authorization for Final Approval
Customer signs application and Growth Capital obtains SBA Authorization. - Loan Closing
Growth Capital obtains documents from borrower to commence closing. - Borrower is Funded through Growth Capital Loan Funding
Growth Capital disburses loan funds to borrower.