Application Deposit

Prior to processing the 504 loan application, GLCF requires an application deposit of $2,500 or 1% of the net debenture proceeds, whichever is less. This good faith deposit will be held in escrow until the loan funds, at which point it will be refunded in full 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 loan 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, if any, will be returned to the Applicant.

Withdrawal of Application After SBA Approval:

If the Applicant withdraws the loan application after the SBA issues the loan approval, or if it is withdrawn, canceled, or terminated for any reason, the Applicant forfeits the entire Application Deposit.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