SMALL BUSINESS LOANS AVAILABLE! $5,000-$100,000
Through its EDA Revolving Loan Fund UDI Community Development Corporation offers loans for working capital and equipment and real property purchases. Funds for the program were awarded by the US Department of Commerce Economic Development Agency (EDA). Loans are at fixed interest rates for 5 to 15 years, based on borrower repayment ability and current market rates. Collateral and personal guarantees are required.
The EDA RLF is a resource for those businesses that may be having difficulty qualifying for loans from traditional sources. We invite businesses who meet the following criteria to apply.
Eligibility requirements:
- Your business must be in Durham County.
- Your business must have gross revenues of $2 million or less.
- Your business must have 50 or fewer full-time employees.
- You must demonstrate that credit is not otherwise available.
To apply, submit a loan application with required documents:
- Evidence demonstrating that credit is not otherwise available on terms and conditions that permit successful operation of the activity to be financed.
- Copy of valid/unexpired driver’s license or other government-issued identification
- Copy of business formation documents and/or partnership agreements
- Copy of lease agreement or mortgage statement, if applicable
- Most recent three years business tax returns
- Most Recent three years Financial Statements (start-up and newer businesses may require cash flow projections)
- Debt Schedule
- Most recent bank statement for business account
- Banking information including routing, account number, and copy of a voided check.
For more information:
Dewanda S. Dalrymple, CPA
Finance Director and Loan Officer
UDI Community Development Corporation
dewanda@udicdc.org