U.S. Department of Commerce Invests $750,000 to Establish Small Business Revolving Loan Fund in Disaster-Impacted Southeastern North Carolina
Contact: EDA Public Affairs Department, (202) 482-4085
May 1, 2017
WASHINGTON – The U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $750,000 grant to Carolina Small Business Development Center Fund of Raleigh, North Carolina, to establish a Revolving Loan Fund (RLF) that will provide small business loans across a 14-county region of southeastern North Carolina that was impacted by Hurricane Matthew in October of 2016. According to grantee estimates, the project is expected to create 50 new jobs.
“Ensuring that local businesses have the capital they need to grow is of valuable importance to our communities and workers,” said Deputy Assistant Secretary for Regional Affairs Dennis Alvord. “Projects such as this can provide capital to businesses in southeastern North Carolina that would otherwise not qualify for traditional lending.”
Borrowers will range from start-up businesses to existing small to mid-sized businesses which are growing. The loan products that will be offered will be designed to help businesses launch or expand that are unable to qualify for traditional financing, or available financing is insufficient to meet growth needs.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.