Small Business Development Fund
Gulf Coast Renaissance Corporation will extend credit to start-ups, as well as to established businesses, through its Small Business Loan Program. While specific terms are detailed in this program description, we will work with you to tailor a loan to meet your specific needs to assist you in establishing your successful business.
For more information on the fund, please contact Stephen O'Mara, Senior Lender, at 228-896-3386 or by email at somara@msgcrc.com. All potential applicants will be required to complete an application package.
Click here to print a copy of the Small Business Development Application Package.
Purpose: To provide financing to small businesses for working capital needs, equipment financing and leasehold improvements.
Target Area: Harrison, Hancock and Jackson Counties
Loan Amount: Up to $15,000
Loan Terms:
- Working Capital Line of Credit – 12 months, interest payable monthly
- Equipment Financing – Amortized terms up to 5 years
- Leasehold Improvements – Amortized terms up to 7 years
Interest Rate: Varies depending on market rates, risk, and loan term; rate on lines of credit will be floating rate and rate on term loans will be fixed rates for the full term of the loan
Fees: $350 application fee; any third party fees (i.e. filing fees) to be paid by borrower
Other Services: Technical Assistance Services are provided to business owners regarding loan structure, loan application preparation, and guidance for writing a business plan. We will also work with any existing provider of technical assistance.
Ineligible: GCRC cannot finance casinos, race tracks, liquor stores, massage parlors, farms or financial businesses. Beyond that, the possibilities are limitless.
For more information on this fund: Contact Stephen O’Mara, Senior Lender, at 228-896-3386 or by email at somara@msgcrc.com. All potential applicants will be required to complete an application.
Tony Nelson's King of Philly Cheese Steaks, first client with the Small Business Development Fund
