Current and new business owners who want to strengthen, expand, or create a small business in Siskiyou County can now receive a quicker loan through Great Northern Services (GNS).
Thanks to new loan funding available through a partnership with the USDA Rural Micro-enterprise Assistance Program, money is here in Siskiyou County to help qualified businesses and start-ups with working capital, debt refinancing, business acquisitions, real estate purchase or lease, and some business related purchases. For-profit corporations, partnerships, and sole proprietorships with 10 or fewer employees are eligible to apply to the Great Northern Services loan fund program.
“We are constantly looking for creative ways to inspire, support, and invigorate our communities and small businesses,” says Seata Madison, GNS Business Development Manager.
“The supportive loan policies of the GNS Loan Fund are designed to promote quicker access to capital for business owners. We have significantly streamlined the initial application process for existing businesses with good track records and credit-qualified owners who are able to provide adequate security. For many who meet this initial criteria we are excited to announce that minimal information about their business may be all that is required to apply.”
Start-ups and businesses that do not meet the first level of criteria are still eligible to apply and will just be required to submit additional and traditional loan fund information such as: personal financial statement, business and personal tax returns, as well as business-specific information such as a business/marketing plan, profit and loss forecast, and cash flow projections.
The track record and character of the business owner or prospective owner, the financial viability of the project for which a loan is desired, and Great Northern’s determination based on analysis of key business factors that the debt obligation can be met out of the business’s profits, are also critical components of a successful application for these expedited loans.
The GNS loan terms are typically seven years or less; the maximum loan amount is $50,000. Borrowers are required to pay for all costs associated with the loan, a 1.5 percent processing fee on approved applications, and between six and ten percent interest on the loan. Both personal credit quality and the security available for the loan will determine the interest rate assigned.
Collateral must secure all loans made through the program; the types of collateral required depend on the amount, term, and other conditions of each individual loan. A lien on real property is the preferred method of securitization.
Great Northern Services is a community based nonprofit whose mission is to “invigorate communities by initiating positive social change to improve economic conditions.” The organization was awarded funding for this revolving loan program by the USDA as a way not only to assist businesses but also to create jobs in the Siskiyou County community.
Great Northern encourages prospective and current business owners who employ, or intend to employ 10 or fewer people, to call GNS’s Business Development Manager, Seata Madison, at 530-938-4115, extension 113, for more information about this opportunity to establish or grow their enterprise and realize their dreams.