SILER CITY, NC – November 29, 2018 – Town of Siler City leaders have formed a partnership with the N.C. Rural Economic Development Center that includes a $100,000 small business revolving loan fund. The goal of the partnership is to encourage small business and entrepreneurial growth in Siler City.
The Revolving Loan Fund works with individuals who have sound ideas for starting or expanding a small business but may have difficulty obtaining a loan from traditional sources. Here are a few details about the fund:
- Loan amounts range from $500 to $25,000 for small business startup or expansion.
- All loans are offered in combination with business planning and technical assistance.
- Loans will be reviewed by a local committee and serviced by the Rural Center.
- Loan funds may be used to purchase equipment, inventory, or as working capital.
- The loan fund does not compete with banks or other lenders, but rather, it is designed to serve as gap funding or complementary financing for small businesses.
The loan fund will prioritize and is limited to businesses located within the Town of Siler City corporate limits or extraterritorial jurisdiction (ETJ). The fund also encourages applications from low-income, female and minority borrowers. The only way to be sure if you qualify is to apply. Basic requirements are:
- You wish to start or expand a small business.
- Your business is located within the Town’s corporate limits for ETJ.
- You are 18 years or older.
- You have a sound business idea.
To apply, complete and submit a pre-application (English and Spanish Translation packets linked below) to Jon Spoon (Chatham Small Business Center Director at 919-545-8013 or email@example.com). If you have any questions, please contact me or Jon Spoon.
Businesses may also take advantage of a facade grant offered by the Siler City Development Organization. Applications are due January 31, 2019. The purpose of the program is to promote facade improvements in a designated area. The facade grant guidelines and application is available. For additional information, contact Jack Meadows, Siler City Director of Planning and Community Development, at 919-742-2323.