The Small Business Loan program, a partnership with Mecklenburg County and Carolina Small Business Development Fund, aims to empower entrepreneurs like you to grow their business by applying for up to $75,000 in financing to meet your business needs.
Access to Capital
- Located in Mecklenburg County
- Have an annual revenue under $1M
- Not have open tax liens, unpaid judgments, or principal and business bankruptcy in the past 5 years
- Loan amount up to $75,000
- Interest rate – Prime + 2%, fixed at closing
- Term – Up to seven years, depending on the economic life of the underlying collateral. The term may be longer; up to 10 years
- Amortization: For working capital, bridge loan and equipment purchases, the amortization period shall mirror the loan term. For real estate related ventures, the amortization period may be extended 15 years, with a 10-year term.
- Loan Repayment – payments begin one month after the loan closes. Up to six months of interest-only payments may be allowed.
- Origination fee – 2% of the loan amount or $500; whichever is less
- Documentation fee – $250
- Personal guarantee – any person or entity with 10% or more ownership in the business