The STEP for Small Business Community Loan Fund works with individuals from across rural North Carolina who have sound ideas for starting or expanding a small business but may have difficulty obtaining a loan from traditional sources. Here are a few details about the fund:
WHAT DOES THE SMALL BUSINESS COMMUNITY LOAN FUND OFFER?
- Loan amounts range from $500 to $25,000 for small business startup or expansion
- All loans are offered in combination with business planning and technical assistance
- Loans will be reviewed by a local committee and serviced by the Rural Center
- Loan funds may be used to purchase equipment, inventory, or as working capital
- The loan fund does not compete with banks or other lenders, but rather, it is designed to serve as gap funding or complementary financing for small businesses
WHERE ARE FUNDS AVAILABLE? Modeled
There are STEP for Small Business Community Loan Funds established in seven rural North Carolina towns:
- Scotland Neck
- Siler City
WHO IS ELIGIBLE?
Please contact your local loan officer for the specific requirements for your towns loan fund. (found below)
Basic requirements are:
- You wish to start or expand a small business.
- Your business is located _______ (towns to define area)
- You are 18 years or older
- And, of course, you have to have a sound business idea.
The fund also encourages applications from low-income, female and minority borrowers. The only way to be sure if you qualify is to apply.
HOW DO I GET STARTED?
Contact your local loan officer or the Rural Center staff for more information. To apply, complete and submit a pre-application. Once received, your local loan officer and a member of the Rural Center staff will help you through the remainder of the process.Click here to start your application.
Director of Entrepreneurship
N.C. Rural Center
Elizabethtown Loan Officer
Marion Loan Officer
Scotland Neck Loan Officer