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504 Certified Development Companies
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Avista Business Development Corp.
Statewide, Focus on: Buncombe County
CDC#: 04-247 - 07/12/82
Robert C. Kendrick
bob.kendrick@charter.net
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347 Barnardsville Hwy.
Weaverville NC 28787
PO Box 7032
Asheville NC 28802 (828) 645-0439
(828) 658-2935
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Business Expansion Funding Corp. (BEFCOR)
NC Statewide and SC counties Lancaster, York, Chester and Chesterfield
CDC#: 04-302 - 10/08/82
Richard Bargoil, Executive Director
rbargoil@befcor.com
http://www.befcor.com
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Charlotte/Upstate SC Area:
5970 Fairview Rd.
Ste 218
Charlotte NC 28210
(704) 442-8145
(877) 504-6045
(704) 442-0429
jmoody@befcor.com
rbargoil@befcor.com
Raleigh/Triangle Area:
414 W. Third Street
PO Box 1009
Wendell, NC 27591
(919) 366-6441
lrogers@befcor.com
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Centralina Development Corp., Inc.
Statewide
CDC-#: 04-243 - 06/16/82
Richard Vitolo, Executive Director
rvitolo@cdccapital.com
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1300 Baxter St.
Charlotte NC 28204
PO Box 34218
Charlotte NC 28234
(704) 373-1233
(704) 372-1280
http://www.cdccapital.com
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Neuse River Development Authority, Inc.
Statewide, Focus: East of I-95
CDC#: 04-242- 06/16/82
Guy P. Williams, President
gwilliams@nrda.org |
233 Middle St., Suite 206
PO Box 1111
New Bern NC 28563 (252) 638-6724
(252) 638-1819
www.nrda.org
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Northwest Piedmont Development Corp., Inc.
Statewide, Focus: Davie, Forsyth, Surry, Stokes, and Yadkin
CDC#: 04-538 - 08/01/84
Charles Malone, Economic Development Administrator
cmalone@nwpcog.org
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400 W Fourth St.
Ste 400
Winston-Salem NC 27101-2805 (336)761-2108
(336)761-2112
www.nwpcog.org
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Region D Development Corp., Inc.
Statewide, Focus on: Alleghany, Ashe, Avery, Mitchell, Watauga, Wilkes, and Yancey
CDC#: 04-670 - 07/09/02
Phil Trew, Director, Planning & Development
ptrew@regiond.org |
Executive Arts Building
Furman Road
Boone NC 28607
PO Box 1820
Boone NC 28607 (828) 265-5434 x125
(828) 265-5439
www.regiond.org
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Western Piedmont Council of Governments
Region E Development Corp.
Statewide, Focus on: Alexander, Burke, Caldwell & Catawba
CDC#: 04-317 - 12/01/82
James E. Chandler, Loan Specialist
jim.chandler@wpcog.org
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736 Fourth St., SW
Hickory NC 28602 (828) 322-9191
(828) 322-5991
www.wpcog.org
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Self-Help Ventures Fund
Statewide (see regional offices on right)
CDC#: 04-645 - 09/14/93
Charlie Cleary, Director of SBA 504 Lending
charlie.cleary@self-help.org
301 W Main St
PO Box 3619
Durham NC 27702
919-956-4629
919-956-4608
www.self-help.org/504loans
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Self-Help Central Region: (Triangle Area)
19 W. Hargett St.
Suite 507
Raleigh NC 27702
(800) 476-7428
(919) 755-2284
charlie.cleary@self-help.org
Self-Help Northeastern Region:
301 W. Evans St, Ste 306
Greenville NC 27858
(800) 893-9669
(252) 752-0121
adelcio.lugo@self-help.org
Self-Help Triad Region:
122 N. Elm St, Suite 1015
Greensboro NC 27401
(800) 269-7426
(336) 478-2650
anna.tefft@self-help.org
500 West Fourth St.
Suite 200-B
Winston-Salem, NC 27101
(800) 269-7426
(336) 378-0518
anna.tefft@self-help.org
Self-Help Charlotte Region:
926 Elizabeth Ave., Ste 302
Charlotte NC 28204
(800) 394-7428
(704) 375-5703
dale.harrold@self-help.org
paul.frost@self-help.org
Self-Help Western Region:
34 Wall St., Suite 704
Asheville NC 28801
(800) 229-7428
(828) 253-7781
tom.byers@self-help.org
Self-Help Southeastern Region:
272 N Front St., Ste 215
Wilmington NC 28401
(877) 559-4284
(910) 341-3270
ken.jernigan@self-help.org
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Smoky Mountain Development Corp.
Statewide, Focus on: Madison, Haywood, Graham, Cherokee, Clay, Macon, Jackson, Transylvania, Henderson & Swain
CDC#: 04-602 - 05/27/87
Allen Steinberg, Executive Director
arsteinberg@msn.com
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144 Industrial Park Dr.
Waynesville NC 28786 (828) 452-1967
(828) 452-2920
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Wilmington Industrial Development, Inc.
Statewide, Focus on: Eastern and Southeastern NC
CDC#: 04-069 - 05/21/81
Susie Parker, Manager
susieparker@wilmingtonindustry.com |
1739 Hewlett Dr.
Wilmington NC 28405
PO Box 1698
Wilmington NC 28402
(910) 763-0013
(910) 763-0106
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More about SBA 504 Loans in North Carolina...
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PURPOSE -
The 504 Certified Development Company (CDC) Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. A Certified Development Company is a nonprofit corporation set up for the economic development of its community or region. CDCs work with the SBA and private-sector lenders to provide financing to small businesses. Each CDC covers a specific area.
Typically, a 504 project includes a loan secured with a senior lien from a private-sector lender covering up to 50% of the project cost, a loan secured with a junior lien from the CDC (a 100% SBA-guaranteed debenture) covering up to 40% of the cost, and a contribution of at least 10% equity from the small business borrower.
The maximum SBA debenture generally is $750,000 (up to $1 million in some cases). The program is designed for job creation and retention by small businesses; the CDC's portfolio must create or retain one job for every $65,000 provided by the SBA.
WHAT FUNDS MAY BE USED FOR -
Proceeds from 504 loans must be used for fixed asset projects such as: purchasing land and improvements, including existing buildings, grading, street improvements, utilities, parking lots and landscaping; construction of new facilities, or modernizing, renovating or converting existing facilities; or purchasing long-term machinery and equipment. The 504 Program is not for working capital, inventory, nor for consolidating or repaying debt, or refinancing.
TERMS, AND RATES -
Interest rates on 504 loans are pegged to an increment above the current market rate for 5-year and 10-year U.S. Treasury issues. Maturities of 10 or 20 years are available. Fees total around 3% percent of the debenture and may be financed with the loan.
COLLATERAL -
Generally, the project assets being financed are used as collateral. Personal guaranties of the principal owners are also required.
*Updated 08/09
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