LOANS THAT MEET YOUR NEEDS.
Carolina Small Business Development Fund provides financing solutions and guidance to help entrepreneurs achieve their business goals. If you are looking to start or expand your business, we offer loans that are designed to meet your needs.
Up to $250,000 for all types of businesses in a wide range of industries
Flexible terms to meet your needs
Before applying for a loan, meet with a member of our Business Solutions Team to discuss options and review eligibility.
Gather Your Information and Apply
Compile required documents such as: personal and federal tax returns, financial statements, business plan, and resumes of key management.
Carolina Small Business is a statewide nonprofit and Community Development Financial Institution (CDFI). We lend to start-ups and existing businesses across the state, with emphasis on businesses that have difficulty accessing financing through traditional lending sources. Learn more about our core loan products.
Special Loan Products
COVID-19 Loan & Resources
If your business has been affected by the COVID-19 pandemic, check out the loans, grants, and resources we have available here.
Small Business Loan Program
A partnership with Mecklenburg County and Carolina Small Business Development Fund, that aims to empower entrepreneurs like you to grow their business by applying for up to $75k in financing to meet your business needs. Click here for more information.
Core Loan Product
Carolina Small Business Development Loan
For emerging entrepreneurs and established businesses
All industries, excluding sin businesses
Term loans and lines of credit
Loan amounts up to $250,000
Flexible Loan Terms
Thanks to Carolina Small Business, I have the resources I need to grow my business and I am comfortable knowing I have a resource helping me. Carolina Small Business is a part of my journey and challenges me to build my weak areas and helps me to build my account finances.
- Jimmy Price, A Step Above Cleaning Service
FAQ AND RESOURCES
How long does the loan process take?
The length of the process varies based on the scope of application. You will receive feedback from our staff as to the status of your application within 15 days of receiving your completed application. Our staff is happy to assist you in preparing a complete loan application. Most delays occur due to incomplete loan applications. If your application is complete and the process is not held up for missing documents, the processing time is between 30-45 days from receipt of application to loan closing.
What if I have challenging credit?
What collateral do I need?
What can I use the money for?
Loans may be used for the following purposes:
The purchase of inventory or supplies
The purchase of furniture or fixtures
Purchase of commercial real estate
Restructure debt (with some limitations)
Loan funds cannot be used for:
Delinquent taxes (in most cases)
What does it take to get a loan?
Capacity – The capacity of the business and yourself to repay the loan.
Collateral – Is the collateral you have offered enough to repay the loan if all else fails?
Conditions – The conditions in which your business must succeed. Conditions include but are not limited to: the economy, your competition, and the market.
Credit – Your credit history and how you have repaid previous financiers.
Character – Your personal characteristics and your ability to successfully operate the business.
What is a business plan?
A business plan is the “roadmap” for your business. A good business plan is your best business management tool and is also required to apply for a loan. There are many local resources and websites that discuss business plans. See our Tools and Templates page for more information.
What if I need more money than Carolina Small Business can lend?
We often work with banks and other community lenders. We can “participate” in multiparty financing. If your needs are greater than $250,000, Carolina Small Business may consider a lending partner to assist with your loan project needs.
What kinds of businesses has Carolina Small Business helped?
What kinds of businesses are not eligible for a loan?
Businesses that tend to lower the real estate value of a community (e.g., liquor stores, “hard” bars, gaming, etc.)
What are the Terms, Interest Rates, and Fees?
The size of the loan
The planned use of funds
The purpose of transaction
Restrictions imposed by third party partners