Get up to $400,000 to grow your business
Goldman Sachs 10,000 Small Businesses is an investment to help small businesses create jobs and economic opportunity by providing greater access to business education, financial capital, and business support services. The program is based on the broadly held view of leading experts that greater access to this combination of education, capital and support services best addresses barriers to growth. 10,000 Small Businesses is funded by Goldman Sachs and The Goldman Sachs Foundation.
Loans are available from $50,000 to $400,000. The funds can be used to cover working capital, purchase equipment and inventory, buy another business, make tenant improvements, finance real-estate and engage in business related construction. However, Real Estate investment or development projects are ineligible.
Key Loan Terms
- Loans from $50,000 to $400,000
- 5 years
- Fees: 3 points + out of pocket costs
- Interest rate: three month LIBOR + 7.5%
- Collateral must be provided from available assets and the personal guarantee of each owner holding a 20% or more interest in the business
- Seek to grow your for-profit business that has been in operation for at least two years
- Employ between 4 - 100 employees
- Have revenues between $150,000 and $4 million
- Are located in the Los Angeles metropolitan area
- Lack other sources of financing
What are the terms?
- A brief description of the project, including proposed sources and uses of funds
- Corporate Financial Statements or Tax Returns for previous 3 years
- Current Financial Statements (within last three months)
- Personal Financial Statements and tax returns for previous 3 years of all principals who own more than 10% of the company
- A credit release, authorizing VEDC to obtain personal and corporate credit reports
- Schedule of outstanding debt
- Copy of mortgage or lease