SMALL BUSINESS LOANS
Business Equity Loan Program
Business Equity Loan Fact Sheet
The Business Equity Loan Program is a program available in Charlotte that provides gap
financing to stimulate small business investment and create/retain jobs. The program
participates with banks in providing term loans to small businesses where the City loan amount
matches the bank loan 1:1.
Loan Overview:
Based on location and type of business, 25% - 40% of total project costs can be provided by
City
Maximum loan amount: $100,000 ($150,000 for manufacturing firms)
Maturity: Generally 10-years, can be sooner depending on ability to repay
Personal guaranties of all principals are required
Credit: Borrower and principals of business must have reasonable credit
Positive cash flow and acceptable debt coverage required
Loan applicants will undergo credit and background checks
All personal and business federal, state and local taxes must be paid
Fees: Borrowers are responsible for all loan closing and legal fees
Job Creation: A minimum of one new full-time equivalent job must be created or retained for
every $65,000 of City loan funds. Additional consideration is given to manufacturing firms
Additional program requirements or restrictions may apply.
Benefits:
Improved cash-flow
Reduced borrowing costs
Lower funding requirements
Flexible repayment terms
For more information: 704-336-2735 or visit http://nbs.charlottenc.gov.
To find out about other programs that can benefit your business, visit: