General Lending Program

GAC provides flexible loans ranging from $10,000 to $500,000 with competitive rates and no prepayment penalties.

Key Features

• Underwriting Approach: Character, commitment, and community impact-based (not just credit scores)
• Collateral: Many loans do not require collateral
• Relationship-Based: GAC takes time to get to know borrowers and their businesses
• Growth Model: Most first-time borrowers start with smaller loans; as businesses strengthen, GAC offers larger loans up to $500,000

Geographic Scope

• Applicants must live or operate a business in an area served by GAC (Chicago, IL area)

Eligibility Requirements

• At least 21 years of age (or 18+ with qualifying co-signer)
• Legal residence or work authorization (Social Security Number, ITIN, or Green Card)
• Legally competent to enter a binding contract
• Income sufficient to repay the loan
• Must have invested some savings or personal equity in the business
• Strong commitment to meeting all financial obligations

Ineligibility Criteria

• Inability to repay debt as determined by GAC
• Unresolved tax liens
• Active bankruptcy or bankruptcy discharged less than 12 months prior
• Delinquent mortgage, rent, or child support
• Multiple recent charge-offs and delinquencies not addressed
• Making false statements on application
• Businesses engaged in: lending, adult entertainment, firearms sales, real estate development, multi-level marketing programs

Contact Information

• Email: loans@greenwoodarchercapital.org
• Phone: (773) 341-2060
• Address: 1000 East 111th Street, 10th Floor, Chicago, IL 60628

Application Expiration

• Applications expire 60 days after submission

Required Documentation

1. Business Plan with projections (if in business less than 6 months)
2. Full individual tax returns for the most recent two years
3. Full business tax returns for the most recent two years
4. Year-to-Date Profit & Loss Statement and Balance Sheet
5. Paystubs for the last 30 days (if applicable)
6. Bank statements for the last 4 months (Personal and Business)

Application Requirements

• Application must be filled out completely; incomplete applications will not be considered
• All information provided will be held strictly confidential
• Applicants should have all required documentation prepared before beginning application

Next Steps

• Complete application and submit with required documentation
• GAC loan officers will review and contact applicants
• For questions, contact: loans@greenwoodarchercapital.org or (773) 341-2060