Home Loans and Guarantees Bond Financing Meetings
|
|
|
Working
Capital Line of Credit Guarantee
In
keeping with the Business Finance Authority's philosophy of helping New
Hampshire businesses grow and prosper, a program has been created to help
companies obtain working capital. The Working Capital Line of Credit Guarantee
(WAG) program allows participating banks or lending institutions to receive a
guarantee of up to 75% for a working capital line of credit, not to exceed
$2,000,000. The line of credit must be secured with accounts receivable, inventory and/or fixed assets acceptable to the participating bank and the BFA. The borrowing base may not exceed 90% of qualifying accounts receivable and 60% of inventory. To be eligible for a WAG loan of over $500,000. a New Hampshire company must have at least 25 employees. There is no employment requirement for loans of less than $500,000.
To
find out more about the Business Finance Authority's working capital line of
credit, contact the BFA at (603) 415-0190.
Eligibility
·
The line of credit note guaranteed may
not exceed $2,000,000.
·
The line of credit must be secured with
accounts receivable, inventory and/or fixed assets, acceptable to the lending
institution and the BFA.
·
The borrowing base for the line of
credit may not exceed 90% of accounts receivable and 60% of inventory.
·
The BFA will work with banks to insure
that their policies, practices and guidelines in regard to lines of credit are
acceptable to the BFA.
How
to Apply
·
The business applies for a working
capital line of credit through a participating bank.
·
All requests for guarantees are
submitted by the bank or financial institution to the BFA. All guarantees must
receive approval from the BFA and authorization from the Governor and Council of
the State of New Hampshire.
Fees
Current
Activity
|
|
LENDER |
TOTAL
LOANS |
LOAN
AMOUNT |
CURRENT
GUARANTEE |
#
JOBS MAINT./NEW |
|
First Colebrook
Bank |
2 |
$550,000 |
$300,000 |
35/12 |
|
Berlin City
Bank |
1 |
$400,000 |
$0 |
164/NA |
|
Citizens Bank |
2 |
$925,000 |
$0 |
54/11 |
|
Fleet Bank |
2 |
$2,600,000 |
$0 |
81/29 |
|
US Trust |
1 |
$350,000 |
$0 |
43/25 |
|
ADS Financial |
1 |
$800,000 |
$0 |
113/NA |
|
St. Mary's Bank |
1 |
$150,000 |
$113,000 |
9/NA |
|
Bank of New
Hampshire |
6 |
$3,000,000 |
$2,026,000 |
112/10 |
|
Mascoma Savings
Bank |
3 |
$1,075,000 |
$0 |
54/16 |
|
Bow Mills Bank |
1 |
$300,000 |
$225,000 |
NA/NA |
|
Passumpsic
Savings Bank |
4 |
$1,420,000 |
$1,046,000 |
79/NA |
|
Centrix Bank
& Trust |
4 |
$1,800,000 |
$463,000 |
33/27 |
|
Chittenden Bank |
4 |
$7,500,000 |
$2,625,000 |
279/55 |
|
Meredith Village Savings |
1 |
$250,000 |
$0 |
9/5 |
| Woodsville Guaranty Savings | 1 | $950,000 | $712,500 | 55/NA |
| Ocean Bank | 2 | $1,100,000 | $1,035,000 | 59/12 |
| Sovereign Bank | 1 | $500,000 | $375,000 | 15/NA |
| Pentucket Bank | 1 | $450,000 | $338,000 | 6/NA |
|
Totals |
38 |
$22,120,000 |
$8,000,000 |
1262/199 |
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
|
|
