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Financing
Get Street Map & Driving Directions to Local SBA Financing Resources Certified lenders have been heavily involved in regular SBA loan-guaranty processing and have met certain other criteria. They receive a partial delegation of authority and get a 3-day turnaround by the SBA on their applications (they may also use regular SBA loan processing). SBAExpress provides selected lenders with a 50 percent guaranty on their loans in exchange for the ability to use their own application and documentation forms. This method makes it easier and faster for lenders to provide small business loans of up to $350,000. For more information on the SBAExpress Loan Program, visit www.sba.gov/financing/lendinvest/sbaexpress.html. Other banks and financial institutions that participate in SBA's loan programs to eligible small businesses in North Carolina. The MicroLoan Program was developed to increase the availability of very small loans to prospective small business borrowers. Under this program, the SBA makes funds available to nonprofit intermediaries, who in turn make loans to eligible borrowers in amounts ranging from under $100 up to $35,000. The average loan size is $10,000. Intermediaries can usually process complete applications in less than a week. The 504 Certified Development Company (CDC) Program provides businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. A CDC is a nonprofit corporation set up to contribute to 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 is certified statewide, but it may cover a specific area. CommunityExpress is an SBA loan program that was developed in collaboration with the National Community Reinvestment Coalition (NCRC) and its member organizations. Under the pilot, which is available to selected lenders, an SBAExpress like program will be offered to pre-designated geographic areas serving mostly Low and Moderate Income areas and New Markets small businesses. The program will also include technical and management assistance, which is designed to help increase the loan applicant's chances of success. List of Community Express Lenders in North Carolina.
SBA’s Patriot Express offers loans to of up to $500,000 veterans and members of the military community wanting to start or expand a small business. List of Patriot Express Lenders in North Carolina. SBICs, licensed by the SBA, are privately organized and privately managed investment firms. They are participants in a vital partnership between government and the private sector economy. With their own capital and with funds borrowed at favorable rates through the Federal Government, SBICs provide venture capital to small independent businesses. | ||