Mecklenburg County Launches Small Business Loan Program

| By:


Mecklenberg CountyThis week Mecklenburg County, North Carolina launched its Small Business Loan Program. Offering up to $75,000 dollars with fixed 2% interest rates, the county has appropriated $2.75 million to fund the program for its first year. Being managed by the Carolina Small Business Development Fund, the CSBDF will have the authority to sign off on which small businesses will receive loans.

Split into two tiers, one for businesses operating for less than two years or who are without revenue and the other for companies operating for at least two years, both tiers offer a micro loan and a conventional business loan. The former of these being a loan of less than $50,000 and the latter being one of over $50,000. Included with these loans are entrepreneurship training and mentoring.

Among the stipulations and requirements for the loans are that applicants have an annual revenue under $1 million and that they should not have any open tax liens, unpaid judgments, or principal and business bankruptcy in the previous five years. This risk-adverseness may be the definitive difference between such publicly provided funds and their private counterparts.

Accumulatively, the CSBDF has invested $59.7 million into programs such as these so far, with 735 loans having been authorized thus far.

Last modified: October 10, 2019
Brendan Garrett


Category: Business Lending

Home Business Lending › Mecklenburg County Launches Small Business Loan Program


    Fenix Capital Funding

    Unique Funding Solutions

    Dedicated Financial GBC

    Big Think Capital

    Torro

    Global Funding Experts

    IOU Financial

    Smart Business Funding

    Wynwood Capital Group

    Liquidibee

    Accord Business Funding

    Meridian Leads

    Vox Funding

    CFG Merchant Solutions

    Fox Business Funding

    VitalCap

    South End Capital

    BizFund

    Flash Advance

    Velocity Capital Group

    Highland Hill Capital

    IAC - In Advance Capital

    Total Merchant Resources

    Balboa Capital

    The Smarter Merchant

    Better Accounting Solutions

    National Funding