Upon processing of the 504 loan application, GLCF requires a $2,500 application deposit or one percent of the net debenture proceeds, whichever is less. The deposit will be held in escrow and will be used to pay any third-party, out-of-pocket expenses incurred by GLCF, including, but not limited to, overnight delivery, postage, filing fees, administrative costs, environmental reports, and certification fees.
Once the loan closes and funds, the unused balance of the Application Deposit will be refunded to the Applicant.
Withdrawal of Application Prior to SBA Approval:
If the Applicant withdraws its loan application at any time prior to the SBA issuing the Authorization (approval), GLCF will deduct reasonable and necessary costs incurred in the packaging and processing of the loan application. Such costs will be documented in the file and available to the Applicant. Included in these costs will be any third party, out-of-pocket expenses incurred by GLCF including, but not limited to, overnight delivery, postage, filing fees, environmental reports and certification fees. These costs may include a processing fee based on the number of hours invested in the processing. The remaining Application Deposit balance will be returned to the Applicant.
Withdrawal of Application After SBA Approval:
If the Applicant withdraws its loan application after the SBA issues the SBA Authorization, or if the SBA Authorization is withdrawn, canceled or terminated for any reason, the Applicant forfeits the entire Application Deposit.
GLCF Credit Report and Deposit Consent Form
Click HERE to access our Credit Report and Deposit Consent Form