can be difficult to obtain due to lending requirements. WSCN can help by purchasing 25% of the total loan amount and subordinating its interest to the participating lending institution, thereby increasing a borrower’s lending capability. The participating bank will service the loan as they normally would.
- Business is located within the geographic boundaries of one of the eligible counties.
- Business has fewer than 750 employees.
- Borrower or relative is not an executive officer, director, or principal shareholder of the participating lender.
Use of Funds and Terms
- Business loans: working capital, equipment, construction, real estate financing, and more.
- Maximum Growth Capital loan participation amount is $1,000,000.
- Funds cannot be used for refinancing existing debt, change of ownership, owner reimbursement, delinquent taxes, passive or investment real estate speculative activities, or other uses prohibited by WSCN.
- Maximum term of Growth Capital loan participation is ten years.
- WSCN fee is typically 1% of the loan amount or less based on underwriting.
How to get started
Contact your current lender and ask about the WSCN Growth Capital Program. If your current lending institution is a program participant, your loan officer will go through the loan qualification process with you and apply to WSCN on your behalf. If your lender is not a program participant, or is unaware of the program, please contact WSCN directly for a referral. The program is offered on a first-come, first-served basis to qualified small business borrowers. Loans must first meet your lender's credit underwriting criteria.