Chatham Loan Fund

What is it

The Chatham Loan Fund is a revolving loan pool funded by the Chatham County Board of Commissioners to help finance loans to entrepreneurs in Chatham County.  The loan fund is overseen by the Economic Development Corporation and is administered through a partnership with the Center for Community Self-Help  in Durham.

Who is eligible

Eligible borrowers include any individual or entity that is starting or operating a business, for-profit or not-for-profit, in Chatham County.  Applicants who are eligible for SBA guaranteed loans and similar programs are generally not eligible for the Chatham program, unless the fees or other requirements of the SBA make the loan impractical or economically infeasible.

While loans may be made to anyone, particular focus will be on minority- and women-owned businesses, youth entrepreneurs (ages 18-35), and businesses within the targeted industry clusters from the Strategic Economic Development Plan.

To Apply

To apply for a loan from the Chatham Loan Fund, please contact Self Help to request an application or download an application from their website.  As with any financial lending opportunity, the EDC recommends that potential borrowers review Self Help's What to Expect and What We're Looking For section before filling out an applications.  At a minimum, borrowers will be expected to provide personal financial statements and tax records, business projections, an overview of fund usages, a repayment plan, and a guarantee of personal assets and/or collateral.

Chatham Loan Fund Details

  • Interest Rates: Loans will be priced at Self-Help’s premium rates for the type of credit being extended.
  • Term of Loans: No restrictions
  • Size of Loans: No minimum or maximum; can be combined with other Self-Help funds.
  • Special Fees: Standard Self-Help origination fees
  • Special Underwriting: Same as all Self-Help loans.   Loans will generally be secured by all available
    collateral.
  • Location Restrictions: Business must be based in Chatham County.

For more information or to download a loan application, please visit the Chatham Loan Fund page under Self Help's Business and Non-Profit Loan section.  For assistance with business planning, please contact Mari Howe at 919.542.8277 or mhowe@chathamedc.org.