Micro-Enterprise Loan
The Micro-Enterprise Loans are available to any for-profit business in the Kerr-Tar Region. The Micro-Enterprise Loans are specifically for small businesses with five or fewer employees/owners, and 60% of the employees/owners must be below the low-to-moderate income level as established by HUD at the time of application. Loan amounts range from $5,000 to a maximum of $25,000 with a fixed interest rate. Requirements for this loan include collateral to secure loan amount, turn down letter from bank, and written business plan.
Open for Business Loan Program
The Kerr-Tar Regional Council of Governments Open for Business Loan Program helps finance existing local small to medium size businesses throughout the 5-county region recover from the COVID-19 crisis. Eligible businesses should be small to medium size (1-99 employees) existing businesses who have been in business for at least 12 months, and must be located in Franklin, Granville, Person, Vance, and Warren counties. Documentation providing evidence of a loss in revenue since the start of the COVID-19 pandemic is NO LONGER required. Business owners may apply for a 5-10 year, interest free loan ranging from $10,000-$100,000. All loans will require a personal guarantee and some additional collateral. Funds may be used for working capital, inventory, and/or equipment and require an application fee of $200. Standard loan terms of 10 years on equipment and 5 years on working capital. Flexibility in payback period will be considered if requested and approved by the COG Board. Years of business operation and proximity to downtown areas are weighted preferences for loan approval.
Click HERE for application and more details.
Revolving Loan Fund (RLF)
The Kerr-Tar Regional Council of Governments administers a Revolving Loan Fund (RLF) to assist existing businesses as well as new entrepreneurs in securing financing they are otherwise unable to secure through traditional channels. The primary goal of the RLF program is to create new jobs in the region. Preference is given to businesses that will add full-time skilled or semi-skilled positions. Preference will be given to the businesses that create the most jobs.
Click HERE for application and more details.
