Loan Requirements

  • 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”.


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.

Checklist – What you will need

  • Business Plan (including financial information: current and historical or projected balance sheet, income statement, cash flow statements and income verification if needed). In addition to financial forecasting including repayment capacity, please include comparative industry data when appropriate.
  • Copy of GRIC Identification
  • Copy of GRIC Business License
  • Business and/or personal tax returns for the previous three (3) years (if applicable)
  • Insurance documents (if applicable)
  • Credit Report Authorization/Credit Report form
  • Background Check Release form
  • Copy of Organizational documents (if an LLC or partnership)
  • List, documentation and valuation/appraisals of collateral being offered as security
  • Copies of legal documents and other relevant documentation supporting the loan application (including but not limited to proposes/actual leases, titles, etc.)

Additional documents and/or information may be requested.

Future required submissions may include audited/reviewed financial statements, contracts and/or additional debt entered into subsequent to loan approval.