Mecklenburg lenders join business loan program
by Staff Writer
The lenders have enrolled in the N.C. Capital Access Program, which establishes a reserve program allowing lenders to consider loans that fall just outside their usual underwriting standards. The local lenders are among 54 institutions, representing 1,100 branches statewide, that have enrolled in N.C. Capital Access.
Any N.C. business with 500 or fewer employees is eligible to apply for a N.C. Capital Access loan. Nonprofit organizations also can get loans to support business purposes, such as child-care centers. Loans generally range from $10,000 up to the maximum of $5 million.
The state created the program with $46.1 million in federal funding through the Small Business Jobs Act of 2010. The N.C. Rural Economic Development Center is administering the program.
Interested businesses should apply for loans with their local lenders. Two local service providers can assist borrowers: the Small Business Center at Central Piedmont Community College (contact Renee Hode at 704-330-6832) and the N.C. Small Business and Technology Development Center at the University of North Carolina at Charlotte (704-548-1090).
The 11 participating Mecklenburg lenders are: American Community Bank, Aquesta Bank, BB&T, blueharbor bank, Blue Ridge Savings Bank, Charlotte Metro Credit Union, Citizens South Bank, First Citizens Bank & Trust, Paragon Commercial Bank, Park Sterling Bank and Piedmont Bank.