CHOEDC offers microloans and conventional debt financing through its microloan intermediary program. We provide loans for working capital, bridge loans for payroll, expansions, renovations, investment of new technologies or upgraded equipment. The minimum loan size is $10,000 and the maximum is $50,000; all loans are at a fixed interest rate of 7%. Eligible firms for this fund are minority-owned businesses; women-owned businesses, Low-to-Moderate Income Earners; Credit Challenged Individuals and Businesses who are located in Targeted Markets within certain locations in North Carolina. The maximum allowable term for a microloan is six years (72 months).
Microloans are short-term, fixed rate loans, however they are not considered revolving lines of credit.
CHOEDC provides additional services such as business planning, market analysis, financing, financial management, business or personal credit analysis and counseling, loan packaging, group financial training sessions and financial literacy workshops.