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- Enrolled GRIC member
- At least 18 years of age
- If operating within GRIC, a GRIC business license is required prior to receiving the loan
- A minimum level or years of business management or operational experience (depending on industry, generally a minimum of 3-5 years)
- If the business owner has or is planning on hiring employees, the business must have or be in the process of obtaining an Employer Identification Number (EIN).
- In the case of partnerships, corporations, limited partnerships, limited liability companies, the enrolled member(s) must own at least 51% of the business entity and be the President, Chief Operating Officer, General Partner or Manager.
- Satisfied prior loans with GRIC/cannot be in default under any loan from the Community or PLFC
- A family living in the same household is not eligible for more than one PLFC business loan at any one time. All persons living in the same household will be considered a “family”.
Loan Recipient’s Responsibilities
In the majority of cases, PLFC will disburse the loan proceeds directly to third party vendors for the benefit of the loan recipient. Loan recipients are required to produce invoices and/or receipts and show items purchased with the loan proceeds to PLFC staff. PLFC staff have the ongoing right to request, examine and receive financial records of the borrower(s) at its discretion.