• The GOLS Initiative provides affordable financing, coupled with strategic mentoring and business support, to select high-growth-potential small businesses in the five boroughs of New York City.

GOLS FAQ

What are the eligibility criteria for the program?

Businesses must be nominated to participate in the program. Prospective nominees must meet the following baseline eligibility criteria*:

• Physical location in New York City
• Minimum of 3 years in operation
• 5 or more full-time employees
• Minimum $300,000 in annual revenue
• Viable growth opportunities/scalable business model
• Highly engaged management
• Demonstrate some form of community development impact, such as:
  a) Business is located in a low- or moderate-income community
  b) Business is majority-owned by member(s) of a disadvantaged group (i.e., racial or ethnic minorities, women, veterans, etc.)
  c) A majority of the business's employees live in low- or moderate-income communities
  * Some exceptions may apply.

How do I get nominated to participate in the program?

Seedco Financial works with a network of community-based organizations, economic development entities, and other partners to identify and nominate candidates for the GOLS Initiative. You can reach out to any of our Nominating Partners directly and inquire about becoming a nominee for Seedco Financial's GOLS Initiative, or you can contact Seedco Financial and we will help match you with a Nominating Partner.

How do I apply for the program?

Download the GOLS Program Application and follow the instructions on the cover page of the Application. If you have a relationship with one of our Nominating Partners, please ask the partner to download and complete the GOLS Program Nomination Form. The Nominating Partner should submit the completed form by email to GOLS@seedco.org or by fax to (646) 274-1165. If you do not have a relationship with one of our Nominating Partners, please contact us at (877) 296-8878 or GOLS@seedco.org and we will help you identify a partner to support your application.

Does the GOLS Initiative offer grants?

No, the GOLS Initiative offers loans.

Is there a cost to participate in the GOLS Initiative?

The only mandatory up-front cost is the non-refundable application fee of $250. If you are approved for a loan, you will be responsible for closing and other transaction costs associated with the loan. If you decide to enter into a consulting engagement with one of Seedco Financial's pre-screened business services providers, you will be responsible for a portion of the cost. The decision to enter into a consulting engagement is entirely yours.

What are the interest rates?

Typically 6-10%

How do I know if my business is located in a low or moderate income community or if the majority of my employees live in low or moderate income communities?

Low or moderate income communities are census tracts where the median family income is significantly below the statewide or metropolitan statistical area median family income, or where there is a high poverty rate. You can find out if your business is located in a low or moderate income community and/or if your employees live in low or moderate income communities by following the instructions below, or you can contact us at (877) 296-8878 or gols@seedco.org and we will verify the information for you. If you would like us to verify whether your employees live in low or moderate income communities, we will need a copy of your business's most recent W-2 and/or a recent payroll report with employee addresses.

Determine if your business is located in a low- to moderate-income community and/or if the majority of your employees live in low- or moderate-income communities:

• Go to http://www.ffiec.gov/Geocode/default.aspx
• Select year 2009
• Enter the address of your business or the addresses of each employee
• Click "Search"
• Click "Get Census Demographic" at the bottom of the page
• If "Tract Income Level" says "Low" or "Moderate", then your business is located/your employee lives in a low or moderate income community
• If "Tract Income Level" says "Middle" or "Upper", click on the Income Data tab at the bottom of the page
• If the "% Below Poverty Line" is 20% or more, then your business is located/your employee lives in a low or moderate income community
  * You can facilitate review of your application by printing out each webpage and submitting it along with your application package.