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IGNITE

Ignite your small business growth!

About Ignite.

At Carolina Small Business Development Fund, we know that access to capital can fuel your business growth. That’s why we created Ignite—a flexible loan program offering up to $75,000 to help small businesses thrive. 

Why choose Ignite?

  • Fast Decisions & Processing - Get quicker access to the funding you need

  • Flexible Collateral Requirements - Preferred but not required

  • Minimal Paperwork - Less documentation, faster funding

  • Special Rates Available - Discounts for veterans and rural businesses

Are you eligible to apply for Ignite?

  • Be located in North Carolina

  • Have been operating for at least two years

  • Have no more than six NSF (non-sufficient funds) occurrences in the past two years

  • Credit characteristics for businesses and guarantors:

    • Have no unsatisfied judgments, liens, or unresolved legal cases.  

    • No repossession or foreclosures within the last three years. 

    • No bankruptcy in the past 5 years. 

    • Less than $1,000 in charge-offs and collections (medical excluded). 

    • No more than five instances of being 30 days delinquent on any debt payments within the past 24 months. 

    • At least 25% of your total revolving credit limit must be available on all open personal and business credit lines. 

How to apply for Ignite?

01/ Request a Consultation

Start by completing a Request for Counseling to see if Ignite is the right fit for your business. Our Business Solutions Officers will guide you through the process and help set you up for success. 

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(Note: The consultation request is NOT the loan application.) 

03/ Prepare for Funding

02/ Gather Your Documents and Apply

Once you're ready, your Business Solutions Officer will walk you through the required documents, which may include: 

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  • Credit Authorization Form (for each guarantor) 

  • Bank Statements (last six months, all pages for business and personal accounts) 

  • Tax Returns (most recent business and personal returns or evidence of an extension + prior year’s return) 

  • Debt Schedule (for your business) 

  • Proof of Insurance (general liability and business personal property) 

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We’re here to help you every step of the way! Contact us today to take the next step toward funding your business growth with Ignite. 

Once your loan application is approved, be ready to: 

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  • Provide your ACH information 

  • Pay the required loan fees (Loan fees may be paid from loan proceed): 

    • 3% Origination fee

    • $150 Loan processing fee  

Qualification Requirements

Qualification requirements include, but are not limited to:

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  • Businesses located in North Carolina with 2+ years of operation

  • Collateral is preferred, but not required

  • Autodraft required for monthly loan payments​

  • ​Uses:

    • Working Capital​

    • Vehicle Puchases

    • Equipment Puchases

    • Debt Refinancing

    • And More!

Documentation Requirements

Required documentation includes:

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  • Guarantor credit authorization form

  • Business account bank statements from past six months

  • Personal bank statements from past six months for all guarantors

  • Most recent business and personal tax returns

  • Debt schedule for business

  • Proof of general liability and business property insurance

Loan Terms, Fees and Interest Rates

  • Loans up to $75,000

  • Loan terms up to 84 months

  • Loan terms are fully amortizing

  • Competitive interest rates based on Prime Rate vary on case-by-case basis

    • 1% interest rate discount for veteran-owned businesses​

    • USDA Rural Area businesses receive special rate, starting at 7%

  • 3% Origination Fee

  • $150 Loan processing fee

    • Loan fees may be paid from loan proceeds​

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Questions

Contact us at (909) 803-1437 or email us at

business-solutions@carolinasmallbusiness.org

to learn more!

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