If you are looking for help financing a business, Fulton County Center for Regional Growth is ready to help expand, relocate or start a business. We have the tools, talents and resources to make the difference. Fulton County offers project financing and is able to guide you through the process of identifying the resources available to your business.
During the last three decades, FCCRG battled intensely to secure federal and state grants to establish loan pools which would assist new and existing businesses in their growth. Today, FCCRG administers revolving loan funds in excess of $1.5 million.
* FCCRG’s loan fund policies prohibit us from providing grants, rather than loans, through revolving loan pools.
Revolving Loan Pool General Guidelines:
- Job creation is a major goal of the pool. The loan-to-job ratio is up to a maximum of $15,000/job created and/or retained.
- That ratio is determined by the CRG on a case-by-case basis.
- The pool may finance 15-25% of eligible project costs.
- The project owner will be required to invest a minimum of 10% of project costs as equity.
- Eligible project costs include the acquisition of real estate and/or capital equipment.
- Interest rates are determined solely by the CRG based uponthe strength of the project, current market conditions, and strength of the collateral offered.
- Terms will be flexible, but will mirror the economic life of the assets acquired with loan proceeds.
General Information Required from Applicants
- History and description of the company and owner. This description should include identification of product and/or service produced, length of time in business, number of current employees, identification of all principals (including experience in industry), general sales levels for the past three years, and any additional information the applicant wishes to include.
- Description of the project. The project description must include: identification of project, justification for the expansion, cost, identification of funding sources, and the estimated impact on current employment levels.
The above information should be prepared and submitted prior to any meeting; first through the Preliminary Application. After an initial meeting with CRG personnel, the company may be invited to submit an Application and Business Plan for project financing (an application fee of $250.00 MUST accompany the signed and notarized application in order for the application to be accepted and processed). At that point, the normal review and approval process will be initiated.
An invitation to submit a full application should not be construed as an acceptance or approval of the project. As stated above, FCCRG’s loan fund policies prohibit us from providing grants, rather than loans, through revolving loan pools.
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