NMSC (LISC) - anyone worked with them? $15K just to apply for funding..?
November 26, 2020
by a searcher from The University of Auckland - The University of Auckland Business School in Los Angeles, CA, USA
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
from The University of Auckland in Los Angeles, CA, USA
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!
from University of California, Santa Barbara in Los Angeles, CA, USA