Capital Opportunities for Small Businesses - sbtdc

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C A P I T A L O P P O R T U N I T I E S F O R SMA L L B U S I N E S S E S typically deferred for one to three years based upon project analysis and underwriting as conducted by the City. Collateral is required and personal guarantees of all principals is required. City of Charlotte Economic Development Office Gail Whitcomb, Business Development Representative 600 East Trade Street, Suite 138 Charlotte, NC 28202 704.432.1414 gwhitcomb@ci.charlotte.nc.us edo.charmeck.org City of Charlotte – Business Enterprise Loan Fund The SBE Loan Fund is an innovative public/private fund established to assist small business with gaining access to capital. The fund, created in 2003, provides more flexible underwriting guidelines than that of traditional lenders. Eligible businesses include small businesses that meet the Small Business Enterprise criteria defined by the City of Charlotte and are located in the Anson, Cabarrus, Gaston, Lincoln, Mecklenburg, Rowan or Union counties. The SBE Loan Fund is administered by Self Help. The following public and private entities have contributed to the SBE Loan Fund: Bank of America, Branch Banking and Trust, City of Charlotte, Fifth Third Bank, First Citizens, Foundation for the Carolinas, Time Warner, Wachovia Corporation, Piedmont Natural Gas, RBC Centura Bank, Self Help, SouthTrust Bank, John S and James L Knight Foundation, and Park Sterling Bank. Self Help 926 Elizabeth Avenue, Suite 302 Charlotte, NC 28204 704.409.5900 www.self-help.org City of Charlotte – Façade Improvement Grant Program The objective of the Façade Improvement Grant Program is to remove blight by assisting businesses and commercial property owners with improving building appearance and by bringing signs, parking, and landscaping into conformance with current codes. The program provides 50 percent reimbursement to commercial or industrial businesses or property owners for eligible renovation costs. The maximum grant awards are based upon building square footage. Eligible expenses include architectural renovations, improvements to meet current codes, infrastructure improvements, and demolition expenses of box buildings. Applicants are responsible for obtaining all necessary governmental permits and authorizations, including building permits. The City will authorize reimbursement payment after, among other things, completion of the project in accordance with the approved plan as set forth in contract, together with occupancy of the building by eligible tenants. 140
C A P I T A L O P P O R T U N I T I E S F O R SMA L L B U S I N E S S E S City of Charlotte Economic Development Office Gail Whitcomb, Business Development Representative 600 East Trade Street, Suite 138 Charlotte, NC 28202 704.432.1414 / gwhitcomb@ci.charlotte.nc.us edo.charmeck.org City of Winston-Salem – Economic Development Revolving Loan Program Funds are available to businesses within the Winston-Salem Neighborhood Revitalization Strategy Area or located in the Hewitt Business Center at Old Salem. One job that benefits low-to-moderate-income individuals must be created or retained for each $35,000 borrowed. The business must also make a good faith effort to make over half of the jobs created or retained available to low or moderate income people. The business net worth cannot exceed $6 million, and net profits must average less than $2 million during the previous two years. The average loan amount is $50,000. The maximum loan term is ten years. All loans are secured though collateral at a 75 percent loan to value ratio. Businesses must be willing to contract for free management and technical assistance if the loan committee deems necessary. City of Winston-Salem – Community & Business Development Office 400 West Fourth Street, Suite 400 Winston Salem, NC 27101 336.761.2111 www.cityofws.org/Home/Departments/DevelopmentOffice/SmallBusinessCenter/Articles/LoanProgram City of Winston-Salem – Target Area Business Assistance Program Funds are available to encourage businesses to locate within distressed areas of the city in order to create jobs and increase the tax base in these areas. The business must be within the Enterprise Community boundaries and more than 20 percent of the buildings in the qualifying area must be either vacant or below minimum code standards. Assistance can be either a grant or a loan. The amount of assistance is determined based on job creation and the tax base investment. Assistance may be either in the form of a grant or loan up to a maximum or $500,000. Amount of assistance is determined by the number of permanent jobs to be created or retained - $2,000 for each permanent job paying over $8.00/hour and $1,500 for each permanent job paying less than $8.00/hour but more than $1.00/hour above minimum wage. An additional $500 credit is available for each job filled by a resident of the Neighborhood Revitalization Strategy Area. Jobs must be created within 24 months of award and remain in place a minimum of 72 months. The company must demonstrate that city funds are necessary for the company to move into or expand within the target area. The company must create or retain at least four (4) permanent jobs. The company must invest at least two dollars of private funds for every one dollar of city funds requested 141
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APPENDIX A: QUICK REFERENCE TO SBA
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PROGRAM AMOUNT % GUARANTEE (MAX) US
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Capital Opportunities for Small Businesses - sbtdc

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