Governor Beverly Perdue announced that North Carolina will receive $46.1 million in federal funds for the N.C. Capital Access Program (NC-CAP). The money, allocated through the Small Business Jobs Act of 2010, will allow community banks to help leverage more than $800 million in credit for North Carolina small businesses.
All businesses located in North Carolina with 500 or fewer employees are eligible for these loans. The maximum loan amount is $5 million and can be used to finance the acquisition of land, construction or renovation of buildings, purchase of equipment and working capital. Through the program, lenders are able to provide eligible small businesses with flexible terms, minimal additional paperwork and quick turnaround on loans.
Visit the North Carolina Rural Economic Development Center, Inc. website for more information.
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