Carolina Small Business Development Fund was awarded a $5 million low interest direct loan from the USDA Community Facilities Relending Program to expand access to capital to community facilities in underserved and rural regions of North Carolina.
These funds are meant to support organizations that provide essential services for the development of the community in a primarily rural area and must be allocated within USDA service areas.
“We are very excited about helping essential community facilities in rural areas of the state of North Carolina. Since 2010, we have made it our mission to serve underserved communities and these funds allow us to invest in the state economy by helping to build community facilities that make a daily impact in our local community,” said Lenwood V. Long, Sr., President/CEO of Carolina Small Business Development Fund.
The loan funds will help to support the following community facilities:
- Health care facilities such as hospitals, medical clinics, dental clinics, nursing homes, or assisted-living facilities.
- Public facilities such as town halls or courthouses.
- Street improvements.
- Community support services such as child care centers, community centers, fairgrounds, or transitional housing.
- Public safety services such as fire departments, police stations, prisons, police vehicles, fire trucks, public works vehicles or equipment; and educational services such as museums, libraries, colleges, and public or private schools.
- Food hubs, community gardens and charter schools.
With the USDA award Carolina Small Business was awarded a grant in the amount of $502,500 from the UpLift America Fund for operational support.
Since 2010, Carolina Small Business has invested more than $32 million through 449 loans to small companies across North Carolina helping to create or retain more than 1,018 jobs.