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Grant Advance Line of Credit
Economic Development
Grant Advance LOC Program
Short-term Financing for GSFA Member Counties
The Grant Advance Line of Credit (Grant Advance LOC) Program provides short-term financing to eligible public entities within GSFA's Member Counties to help cover the upfront costs associated with delays in obtaining grant reimbursements.
Program Goals
- Leverage short term financing to lower the need for initial capital investments
- Allow public entities to proceed with community projects in a timely manner
- Encourage more participation in state and federal grants
Supporting Economic Development in Rural California
Similar to GSFA's ARP Program, the Grant Advance LOC Program is intended to help GSFA's Member Counties cover the initial project costs associated with approved state, federal, or non-governmental grants that are funded on a reimbursement basis, where the initial capital outlay presents a hardship for the eligible applicant.
Program Benefits
Most federal and state grants awarded to counties, cities and special districts are funded on a reimbursement basis, thus requiring the entity to have initial funding capacity to begin the project and then await reimbursement. For some public entities this initial project capitalization may not be possible, thus resulting in an inability to begin necessary and important projects.
Financing Terms1
The line of credit provided by the Program is available up to a maximum of $1 million and is subject to review and approval.
Grant reimbursement funds are used to repay GSFA for the line of credit. The line of credit must be repaid within 6 months to 2 years, depending on the project reimbursement timeline1.
Eligibility Criteria1
- Eligible applicants include GSFA member counties and affiliated public entities within GSFA Member Counties
- Project must have received approval of state, federal or non-governmental grant funding
- Loans are provided up to a maximum of $1 million
For More Information
For more information on the Application Process of the Grant Advance LOC Program, contact: Bob Burris, Deputy Chief Economic Development Officer, .
(1)Additional guidelines may apply. Contact GSFA for additional information including financing terms and associated interest rates and fees.
Together We Can Make a Difference
To-date, 9 projects from 8 GSFA Member Counties have been approved, totaling more than $ 3 million in Grant Advance LOC Funds. These funds have "unlocked" over $ 38 million in approved grant funding for community projects.
Project Example
Recently, the County of Alpine utilized the Grant Advance LOC Program for the replacement of a bridge in the County. GSFA provided the implementation funds for the County to utilize reimbursable state and federal grant funds to rebuild the Hot Springs Bridge near Markleeville.
The area is a nationally known destination for bicyclists, hikers, outdoor sports enthusiasts, and nature lovers. The rebuilding of the bridge was instrumental in economic recovery of the County, especially Markleeville, previously heavily damaged by the Tamarack Fire.
3
LOC Funds Allocated from GSFA
38
Grant Funding "Unlocked" through the Program
9
Funded through the Program
8
Where Projects Have Been Funded
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