Micro Loans
Microloans offer essential financial support to small businesses and startups in North Carolina that struggle to secure conventional loans. Backed by the SBA, these loans provide up to $50,000 for working capital, inventory, and equipment, making them an ideal solution for women, minorities, veterans, and other underserved entrepreneurs.
Our Products
About Micro Loans
Our Microloans are small loans specifically designed to help aspiring entrepreneurs in North Carolina who lack access to conventional forms of capital. They aim to support startups, small businesses, women, minorities, veterans, and other underserved entrepreneurs in North Carolina.
Furthermore, our loans are particularly beneficial for businesses facing challenges with cash flow, limited collateral, or insufficient industry experience.
What We Offer
Microloans up to $50,000 specifically designed for working capital, inventory, and equipment purchases.
Our SBA Microloans in North Carolina offer financial assistance up to $50,000, with the possibility of securing as little as $500. Additionally, the interest rates for these loans are negotiated between the borrower and the lender, ensuring tailored financing solutions that meet the specific needs of each entrepreneur. The terms of the loans are also negotiated by the lender, and there are no penalties for early payoffs.
Carolina Community Impact’s SBA Microloans also provide a convenient solution for small businesses to obtain crucial funding. These Microloans can be used for working capital, inventory, and equipment purchases, making them an excellent option for small businesses that meet SBA criteria, particularly those with fewer than 500 employees.
In addition, we bridge the gap for businesses facing challenges in traditional financing, offering reliable and attainable financial support. While collateral may be required, we work closely with you to find the best solution for your needs. Moreover, these loans are backed by the U.S. Small Business Administration (SBA)
Qualifications
Who Can Apply?
A wide range of small business owners and aspiring entrepreneurs, including women, minorities, veterans, and others who may struggle to obtain conventional loans, can access SBA Microloans in North Carolina. The program is designed to support those who require financial assistance and business counseling to expand their ventures.
Small Business Criteria:
Small businesses that meet SBA criteria, including businesses with less than 500 employees, and have difficulty accessing traditional financing.
Financial Need
Demonstrates difficulty in accessing traditional financing options, ensuring our loans support those who need it most.
Business Viability
Proof of a viable business plan and operations to ensure the loan will contribute to growth and sustainability.
Collateral Requirement:
Depending on the loan amount and business specifics, collateral may be required to secure the loan.
Requirements
Use of Funds / Terms
Our SBA Microloans in North Carolina, can be utilized for a variety of essential business needs, ensuring that your company has the financial support it requires to thrive in a competitive market. Whether you need to manage day-to-day expenses, invest in new inventory, or upgrade your equipment, our Microloans provide the flexibility and funds necessary to meet these demands. By addressing the specific financial needs of your business, we help you maintain smooth operations and drive growth.
Explore the various ways our Microloans can benefit your business:
Up to $50,000
Term Length Up to 6 years
Invest in the stock you need to keep your business running smoothly and meet customer demand.
Interest Rates
Benefit from interest rates that are designed to be competitive making repayment manageable and cost-effective.
Collateral May Be required
Depending on the specifics of your loan request and business profile, collateral might be required to secure the loan
Start Application
Ready to take the next step towards financial success? Carolina Community Impact is here to assist you every step of the way with SBA Microloans. Our streamlined application process is designed to be straightforward and user-friendly, ensuring you can focus on what matters most – your goals.
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FAQ
At Carolina Community Impact, we understand that navigating the world of business financing can be complex. To help you make informed decisions, we’ve compiled a list of frequently asked questions.
You will need personal and business federal income tax returns, a personal financial statement, organizational papers for LLCs or corporations, a business plan and financial projections for startups, and valid identification for all owners/guarantors.
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Real Stories of Impact
Our success is best told through the stories of the businesses we’ve helped. Read testimonials and spotlights on clients who have benefitted from our programs and services, and see the tangible impact of our work in their lives.
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