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​County Launches New Small Business Loan Program

10/7/2019

small business loan news conferenceMecklenburg County leaders and representatives from the Carolina Small Business Development Fund announced the launch of the County’s new Small Business Loan Program on Oct. 7, 2019. The program was created to help business owners obtain financing that meets their needs. Loans of up to $75,000 will be available to qualified small and start-up businesses through a partnership with the Carolina Small Business Development Fund.

Businesses that apply must be located in Mecklenburg County and have annual revenue under $1 million. Applicants should not have any open tax liens, unpaid judgments, or principal and business bankruptcy in the past five years. The County is an active partner with the loan program administrator and applicants by playing a supportive role through all phases of the application and loan process. For additional details regarding program guidelines and loan terms or to apply, visit CarolinaSmallBusiness.org.

Small businesses play a significant role in our economy. They create jobs and help revitalize neighborhoods. The County’s work to develop this program began in 2016 with a small business assessment that was conducted by a consultant. Deficiencies in the small business ecosystem were identified and recommendations were made to address the lack of micro-loan availability in Mecklenburg County. To fill this gap, the Board of County Commissioners approved the establishment of a revolving loan fund in the FY20 budget.