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 City of Winston-Salem 400 West Fourth Street, Suite 400 Winston Salem, NC 27101 336.761.2111 www.cityofws.org/Home/Departments/CBD/BusinessDevelopment/Articles/TargetAssistance MAY Coalition The MAY Coalition is a non-profit corporation seeking to provide employment opportunities for unemployed and underemployed residents of Mitchell, Avery, and Yancey Counties. There are two loan programs available. The first program requires that the business create new, full-time, non-seasonal employment that pays at least $6/hour. A qualifying business may borrow as much as $250,000, though one job is generally created for each $20,000 loaned. The second program does not require the creation of new jobs, but rather was created to enhance low to moderate business owners’ income by offering loans of up to $25,000. The MAY Coalition charges a fixed rate equal to the prime rate at the time of the loan (not less than 6 percent), and the borrower must pay the attorney’s fee and all recording fees. The terms for most loans range to five years. MAY Coalition POB 704 / 112 Greenwood Rd. Spruce Pine, NC 28777 828.765.8880 www.maycoalition.org Serving Mitchell, Avery, and Yancey Counties Micro-Enterprise Loan Program of Winston-Salem/Forsyth County, Inc. (MELP) MELP is a small business loan program providing services in Forsyth County. Micro-enterprises are defined as small businesses having less than ten (10) employees, and annual sales of less than $500,000. In addition to small business loans, MELP offers business education courses, technical assistance, and mentoring. Individual or group counseling is available, as well as numerous other opportunities for the growth and development of small businesses. Micro-Enterprise Loan Program of Winston-Salem/Forsyth County, Inc. 301 North Main St., Suite 2601 Winston-Salem, NC 27101 336.722.9600 cityofws.org/default.aspxmod=Article&level=290&id=955 142
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 Raleigh Small Business Success Program This program was formed by the City of Raleigh along with major banks in the city to stimulate business development and create jobs. The program targets those small businesses located in the Southeast quadrant of the city. The amount of a loan will range from $10,000 to $75,000, subject to the availability of funds. The maximum term is five years for a general loan or seven years for a real estate loan. The loan can be used for working capital, equipment, expansion of business services, startup funding, or improvement of owner-occupied commercial property. Raleigh Small Business Success Program 4030 Wake Forest Road, Suite 205 Raleigh, NC 27609 919.807.8400 www.rada-nc.com/ Optimum Capital Funding Optimum Capital Funding is a business lending platform specializing in providing commercial loans and funding solutions for small businesses and mid-size companies. In the new economy, many companies have difficulty finding the funding necessary for startup or growth. That’s why Optimum Capital Funding built a network of lenders and funding sources that understand that solid opportunities exist for small businesses and mid-size companies – if they have the necessary financial backing. Led by veteran financial and business professionals who believe in the exceptional capabilities of small and medium size businesses to launch and thrive in the new economy, Optimum Capital Funding focuses on providing capital to assist these companies in building solid and successful futures. Optimum Capital Funding 206 Merrimon Ave., Suite 210 Asheville, NC 28801 855-311-3612 toll-free|828-239-0031 office www.optimumcapitalfunding.com ONLINE RESOURCES Loan Matching Sites Loan matching sites are online services that take information and attempts to match businesses with multiple potential lenders. Two of the larger loan matching sites are BoeFly and Lendio. While these sites provide borrowers with the ability to been seen by multiple lenders quickly after completing one application, it’s important to remember that these are still traditional lenders with strict requirements, and individuals must still apply with individual lenders that express interest. In some cases sites may 143
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APPENDIX A: QUICK REFERENCE TO SBA
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PROGRAM AMOUNT % GUARANTEE (MAX) US
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