New Markets Support Company (a subsidiary of LISC) could be an interesting as alternative non-SBA lenders.
Importantly, no PG required.
Also no citizenship requirement = amazing!
Too good to be true?
The LOI requests $15K non-refundable deposit before they will move forward or present to committee.
My offer to pay in stages was refused. Deferral was refused.
Fund is new - 5 months.
I've dealt with 80 lenders over the last 16 months - $15K up front for each is $1.2M (still have not closed) so I'm wary.
LOI also requires I accept liability for any and all costs whatsoever arising from DD (wide indemnity).
Thanks
NMSC (LISC) - anyone worked with them? $15K just to apply for funding..?
by a searcher from The University of Auckland - The University of Auckland Business School
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New Markets Support Company (NMSC) which is 100% owned by LISC - https://www.lisc.org/our-model/investment-companies/
Specifically it's the Good Jobs Fund - https://www.lisc.org/our-stories/story/kaiser-permanente-announcement/
Everything seems great but I think the deposit and unlimited costs liability is driving away a lot of potential deals.
Happy thanksgiving!