CHARLOTTE, N.C. -- Mecklenburg County dedicated nearly $3 million to help local entrepreneurs.
- The Small Business Loan Program will offer up to $75,000 with fixed 2% interest rates to small businesses
- A study says nearly 60% of small and mid-size businesses say it’s difficult getting financing
- The county is contributing $2.75 million to fund the first year of the program
Its new Small Business Loan Program will offer up to $75,000 with prime +2% fixed interest rates to small businesses in Mecklenburg County.
According to a new survey from Pepperdine University’s School of Business, nearly 60% of small and mid-size businesses say it’s difficult getting financing.
The Carolina Small Business Development Fund will handle the loans and give entrepreneurs guidance if an application is accepted.
“Not only are they willing to make a loan to you but they put you through a lot of training to make sure you have the necessary skillset to actually run a business,” chairman of the Mecklenburg County Board of Commissioners, George Dunlap, said.
The county is contributing $2.75 million to fund the first year of the program.
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.
Additional requirements and application information can be found here.