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Address

Mailing Address:

Office of Economic Development
600 East Fourth Street
2nd Floor - Suite 226
Charlotte, NC 28202

Office Location:

600 East Fourth Street
2nd Floor - Suite 226
Charlotte, NC 28202

Hours: Mon-Fri 8 a.m - 5 p.m.

Contact

Monica Grier
Administrative Support Coordinator
980-314-2941

​County's Small Business Loan Program

Small businesses play a significant role in the local and national economy; they create jobs, help diversity the economy and lead to neighborhood revitalization. This loan program, therefore is designed to support non-standard lending features and help small business owners access capital.


Mission: To make loans of up to $75,000 at accommodating rate and terms available to qualified small and start-up businesses in Mecklenburg County.

Program Objectives

The loan program has non-standard lending features such as:

  • Accommodate disadvantaged and veteran-owned businesses
  • Take into consideration sophistication level and experience of business-owners
  • Alternative or sub-prime credit
  • Lower debt-service-coverage-ratio
  • Lower equity contribution
  • Longer amortization schedule
  • Provide technical assistance to business owners to mitigate risk
  • Interest only payments period, followed by principal & interest payments

Loan Eligibility and Program Guidelines

Contact: Fred Atiemo
Email: fred.atiemo@mecknc.gov
Office: 980-314-2757
Mobile: 704-534-3442








 








  • Business must be located in Mecklenburg County
  • Annual revenue under $1 million
  • No bankruptcy filing for business ans/or owner within the past 5 years
  • No open tax liens
  • No unpaid judgments
  • Owner/guarantor credit score 625 or better
  • Minimum Debt-Service-Coverage Ratio: 1.15 or better
  • Equity contribution: 20% for Start-up and New Business (1-3 years); 10% for Growing (4-7 years)
    and Matured (over 7 years)

Potential Loan Terms

  • Loan Amount: Up to $75,000
  • Interest Rate:  Prime + 2%; fixed at closing
  • Term:  Up to 10 years, depending on use and type of collateral securing the loan
  • Amortization:  For work capital, bridge loan and equipment purchase, the amortization period shall mirror the loan term.  For real estate related, the amortization period may be extended to 15 years, with a 10-year term
  • Origination Fee:  2% of the loan amount or $500, whichever is lower
  • Documentation Fee:  $250
  • Guarantee:  Any person or entity with 10% or more ownership in the business

Permitted Uses of Funds

  • Business acquisition
  • Equipment purchases
  • Inventory purchase
  • Working capital
  • Commercial vehicle for business use
  • Commercial real estate for owner-use
  • Bridge loan on federal or state account receivables

How to Apply

The loan fund is administered by a leveraging partner, Carolina Small Business Development Fund. Click on the link to connect with a loan officer at Carolina Small Business Development Fund.

Address

Mailing Address:

Office of Economic Development
600 East Fourth Street
2nd Floor - Suite 226
Charlotte, NC 28202

Office Location:

600 East Fourth Street
2nd Floor - Suite 226
Charlotte, NC 28202

Hours: Mon-Fri 8 a.m - 5 p.m.

Contact

Monica Grier
Administrative Support Coordinator
980-314-2941

close alert Health Alert: To prevent spread of COVID-19, County services are operating at a limited capacity.