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 Mountain BizCapital 153 South Lexington Ave. Asheville, NC 28801 P: 828-253-2834 F: 828-255-7953 Area: Western North Carolina www.mountainbizworks.org Brian Griffin, Chief Credit Officer 828-253-2834 ext. 16 brian@mountainbizworks.org The Support Center 3120 Highwoods Blvd., Suite 350 Raleigh, NC 27604 919-803-1437 www.thesupportcenter-nc.org Vicki Lee Parker vparker@thesupportcenter-nc.org Short-term Loans and Revolving Lines of Credit (CAPLines) CAPLines is an umbrella program under which the SBA helps small businesses meet their short-term and cyclical working capital needs. The program is a revolving line of credit that gives small businesses access to short-term credit for up to ten years (except for Builders CAPLine which is 5 years). There are four short-term working-capital loan programs for small businesses under the CAPLines umbrella. These programs are Seasonal, Contract, Builders, and Working Capital Line of Credit Program. www.sba.gov/content/caplines Community Adjustment & Investment Program (CAIP) The Community Adjustment & Investment Program (CAIP) was created to help communities suffering job losses due to changing trade patterns following the North American Free Trade Agreement (NAFTA). The North American Development Bank (NADBANK) has partnered with the SBA and the U.S. Department of Agriculture to make credit available to businesses in eligible communities to create or retain jobs. To be eligible, business applicants must be located in a CAIP-eligible community and must be able to demonstrate that the loan will be used to create or preserve at least one job for every $70,000 in federally guaranteed loans they receive over a 24-month period. NADBANK pays the SBA guaranty fee for approved loans. Businesses located or being established in the following North Carolina counties are eligible for the program as of 5-2013: Edgecombe, Halifax, Mitchell, Richmond, Robeson, Rutherford, Scotland and Wilson For more information, please see www.sba.gov/services/financialassistance/sbaloantopics/SpecialPurposeLoans/caip/index.html Pollution Control Loan The Pollution Control Loan is a 7(a) program with a special purpose of pollution control. The program is designed to provide financing to eligible small businesses for the planning, design, or installation of a pollution control facility. This facility must prevent, reduce, abate, or control any form of pollution, including recycling. This program follows the 7(a) guidelines; however the proceeds must be for fixedassets. 40
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 Defense Loan and Technical Assistance Program (DELTA) The DELTA Program is a joint effort of the SBA and the Department of Defense to provide financial and technical assistance to defense-dependent small firms affected by defense reductions. The goal is to help affected small firms diversify into the commercial market while remaining a part of the defense industrial base. Reductions affecting businesses may be the result of any number of actions, such as cuts in defense spending, termination of defense contracts, or the closure or realignment of military installations. SBA guaranties are the same as for the 7(a) and 504 programs. Technical assistance, including help in preparation of a business plan and loan application package, is available through Small Business and Technology Development Centers across the state. SBA Micro Loans and Other Lending Programs SBA Microloan Program The Microloan program provides small loans ranging from under $500 to $50,000. Under this program, the SBA makes funds available to nonprofit intermediaries that, in turn, make the small loans directly to entrepreneurs, including veterans. Proceeds can be used for typical business purposes such as working capital, or the purchase of furniture, fixtures, machinery, supplies, equipment, and inventory. Microloans may not be used for the purchase of real estate. Interest rates are negotiated between the borrower and the intermediary. The maximum term for a microloan is 6 years. For more information, go to www.sba.gov/microloans. W.A.M.Y. Community Action Inc. 225 Birch St., Ste. 2 Boone, NC 28607 P: 828-264-2421 / F: 828-264-0952 Area: Avery, Mitchell, Watauga and Yancey counties wamyloan@charter.net Self-Help Credit Union 301 W. Main St. Durham, NC 27701 F:800-476-7428 F: 919-956-4600 Area: Statewide www.self-help.org Mountain BizCapital 153 South Lexington Ave. Asheville, NC 28801 P: 828-253-2834 F: 828-255-7953 Area: Western North Carolina www.mountainbizworks.org 41
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