The Georgia Loan Participation Program (GA LPP) will ensure lenders to offer clients more small business loans. It implies the lender is capable to diversify its risk by sharing interference with the State.
GA LPP is utilized to purchase a loan participation built up by a lender to a qualified small business borrower. The borrower and the lender negotiate interest rates, collateral, maturity and other loan terms. The primary lender conducts all of the customer interaction, including payment processing and loan workouts.
Corporations, partnerships, and sole proprietorships are capable, as well as non-profit organizations and cooperatives. LPP mortgage Ltd programs approves in average small payday loans for companies with over 500 employees or less, but the business should not exceed 750 employees. Business aims may be different: start-up costs, franchise fees, working capital, equipment, inventory, as well as the purchase, construction, renovation, or tenant developments. GA LPP is also eligible for the interim construction phase of SBA 504 loans.
GA program requires to undergo an assessment process whereby the State will vet the lender or lending company of its financial capacity and solvency. The first step to qualify for a participation loan is to fill in a lender application set and submit it to DCA for processing.
For more details, contact SSBCI Program department firstname.lastname@example.org.