Orange County NC Website
Browse       Search
1 <br /> 2 <br /> businesses. Program emphasis is on creating new jobs to assist low to moderate income persons. <br /> The guidelines call for one new job for each $15,000 of city loan funds. A hiring schedule is also <br /> required from loan applicants. <br /> The City of Greensboro created a program to provide debt financing to minority or female-owned <br /> businesses to assist them in obtaining conventional commercial loans. Loans are made in <br /> connection with the applicants' effort to obtain financing for start-up funds, property or equipment <br /> acquisition, and working capital needs. Loans range from $5,000 to $50,000 and have a <br /> maximum term of five years. The interest rate is prime rate plus 3 percent to 6 percent. <br /> The Wake County loan fund is administered jointly by Wake County and Self-Help for the <br /> purpose of supporting small business development. The fund seeks start-up and small business <br /> applicants who earn less than 80 percent of the median income in Wake County. The program is <br /> open to all applicants but focuses on loans to women and minorities. Loans must be secured if <br /> collateral is available, and a personal guarantee is required. In 1995, four loans were made for a <br /> total of$44,500. All businesses in Wake County qualify except for those in Raleigh and Holly <br /> Springs. Loan funds can be used for real estate, equipment, inventory, supplies, and working <br /> capital. <br /> The Raleigh Small Business Success Program was formed by the City of Raleigh along with major <br /> banks in the city to stimulate business development and create jobs. The program targets those <br /> small businesses located in the southeast quadrant of the city. The amount of the loans range <br /> from $10,000 to $125,000, subject to the availability of funds. The maximum term is five years <br /> for a general loan or seven years for a real estate loan. The loan can be used for working capital, <br /> equipment, expansion of business services, start-up funding, or improvement of owner-occupied <br /> commercial property. <br /> The Forsyth County program was founded to provide services to small businesses that have fewer <br /> than ten employees and annual sales less than $500,000. The focus of the program is on start-up, <br /> existing, and home-based small businesses located in East Winston owned and operated by <br /> minorities and women. Loan amounts range from$500 to $5,000. <br /> Funds from the micro loan program of Winston-Salem/Forsyth County are available to businesses <br /> within the target area or in the F. Roger Page Business and Technology Center. One job that <br /> benefits low to moderate-income individuals must be created or retained for each $25,000 <br /> borrowed. The business net worth cannot exceed $6 million, and net profits much average less <br /> than $2 million during the previous two years. Loan amounts range from$1,500 to $50,000 with <br /> a maximum term of 5 years. 1996 loans were available at 7 percent per year plus a 1 percent <br /> origination fee. All loans are secured through collateral. <br /> The City of Durham's Prime Rate Loan Program provides low interest loans in conjunction with <br /> local banks. Loans are eligible between $12,500 and $500,000 and can only be made for <br /> construction and rehabilitation of property. Since 1995, six loans have been made totalling <br /> $357,000. The loan pool is targeted at projects in the downtown and is authorized by enabling <br /> legislation approved by the General Assembly in 1994. <br /> Many other programs exist, including the highly successful Carrboro Revolving Loan Fund. The <br /> Carrboro fund, initially capitalized by Community Development Block Grant funds in 1986, target <br />