Home Loans and Guarantees Bond Financing Meetings
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Guarantee
Asset Program
The
Business Finance Authority understands how difficult it can be for
non-traditional, capital intensive companies to obtain normal bank financing. In
an effort to make credit available for these types of businesses, the BFA, in
partnership with banks throughout New Hampshire, offers the Guarantee Asset
Program (GAP). Through GAP, the BFA reduces lender risk by guaranteeing up to
90% of a bank loan made to a qualifying business. GAP is an ideal financing
vehicle for companies refinancing existing indebtedness.
To
be eligible for a loan through GAP, a New Hampshire business must have at least
25 full-time employees, and it must offer collateral with a recent market
appraisal of 1.25 times the original principal amount. The business may use up
to 40% of the loan for working capital.
If
your company is interested in finding out more about GAP, contact your local
bank, or the BFA at (603) 415-0190.
Eligibility
·
The business must have at least 25
fulltime employees.
·
The business must provide collateral with
a recent (within 6 months) market appraisal of 1.25 times the original
principal amount.
·
Up to 40% of the gross proceeds of the
loan may be used to finance working capital.
·
The maturity of the loan must not
exceed 5 years unless the credit facility includes SBA 504 financing, then
maturity may not exceed 10 years.
·
The loan amortization must not exceed
20 years.
How to Apply
·
The business applies for a loan from
the financial institution. If a guarantee under GAP is necessary, the bank will
submit an application to the BFA.
·
The terms of the loan will be
determined by the bank, with regard to the BFA's criteria on working capital,
maturity, and principal repayment.
·
All guarantees must receive approval
from the BFA and authorization from the Governor and Council of the State of New
Hampshire.
Fees
Activity
Summary
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LENDER |
TOTAL LOANS |
LOAN AMOUNT |
CURRENT
GUARANTEE |
# JOBS
MAINT./NEW |
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Andover
Bank |
1 |
$400,000 |
$300,000 |
55/NA |
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Bank
of Boston |
2 |
$2,050,000 |
$0 |
93/36 |
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Bank
of New Hampshire |
10 |
$17,523,000 |
$3,256,000 |
628/21 |
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Berlin
City Bank |
1 |
$3,311,061 |
$0 |
164/NA |
|
Boston
Federal Savings |
1 |
$400,000 |
$300,000 |
NA/NA |
|
Bow
Mills Bank & Trust |
1 |
$375,000 |
$0 |
80/NA |
|
Centrix
Bank & Trust |
2 |
$1,300,000 |
$200,000 |
45/20 |
| Chittenden Bank | 2 | $3,420,000 | $915,000 | 226/25 |
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Citizens
Bank |
6 |
$6,614,000 |
$1,125,000 |
466/35 |
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Commerce
Bank |
1 |
$1,224,000 |
$0 |
45/NA |
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Concord
Savings |
1 |
$1,000,000 |
$0 |
50/NA |
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First
Colebrook Bank |
1 |
$580,000 |
$0 |
35/NA |
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Fleet
Bank |
8 |
$19,550,000 |
$0 |
1199/62 |
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GE
Capital |
2 |
$1,510,000 |
$0 |
79/4 |
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Granite
Bank |
1 |
$1,880,000 |
$1,410,000 |
NA/30 |
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Key
Bank |
2 |
$2,775,000 |
$0 |
180/5 |
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Laconia
Savings |
2 |
$6,244,000 |
$0 |
138/NA |
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US
Trust |
2 |
$2,150,000 |
$0 |
535/232 |
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Woodsville
Guaranty
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2 |
$2,600,000 |
$900,000 |
55/50 |
| Connecticut River Bank |
1 |
$675,000 |
$507,000 |
39/12 |
| Ocean National | 1 | $2,023,000 | $1,416,000 | 200/15 |
| Passumpsic Savings | 1 | $374,000 | $280,000 | NA/25 |
| Merrimack County Savings | 1 | $1,000,000 | $12,706,000 | 20/6 |
| Savings Bank of Walpole | 1 | $600,000 | $480,000 | NA/NA |
| BDC New England | 1 | $2,250,000 | $1,687,500 | 81/NA |
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TOTALS |
53 |
$82,428,000 |
$13,609,000 |
4333/578 |
GUARANTEE ASSET PROGRAM ("GAP") APPLICATION
New
Hampshire
Business Finance Authority
2 Pillsbury Street, Suite 201
Concord, NH 03301
(603) 415-0190 Fax(603) 415-0194
e-mail MikeD@nhbfa.com
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