How to Apply for a Loan

The Revolving Loan Fund Program is designed for flexibility. Its primary focus is to leverage private sector financing by providing gap financing to those businesses that are eligible. The secondary focus is to concentrate on leveraging principal investments for those businesses that may not fit into the underwriting guidelines of conventional lending institutions.

 

ELIGIBILITY

Businesses that are eligible for consideration must meet the requirements or guidelines listed below:

  1. Must be located in Special Impact Area
  2. Minimum loan size of $20,000k
  3. Maximum loan size of $100k
  4. Revolving Loan Fund leverage factor of 4:1
  5. Revolving Loan Fund will not commit more than 50% of project cost
  6. Demonstrate the ability to repay debt obligation

 

TO APPLY

To apply for a loan once eligibility has been determined, the business applicant should submit the following information:

  1. Completed personal financial statement and business loan application
  2. Business Plan describing product/service, market and competition
  3. Describe business education, experience and management capabilities
  4. Attach three year financial statements (start-ups submit two year proforma)
  5. List of proposed use of funds
  6. List of items serving as collateral

 

METHODS TO SUBMIT THE APPLICATION

By MAIL – UDI/CDC Revolving Loan Fund; 631 United Drive; Durham, NC 27713

SCAN and EMAIL

 

For general inquiries about the program, CONTACT US