College News

N.C. Microenterprise loans available at CCCC-Lee SBC

01.17.2012College & CommunityContinuing Education

SANFORD - Central Carolina Community College's Small Business Center in Lee County is partnering with the N.C. Rural Economic Development Center to make loans of up to $25,000 available for the startup or expansion of rural businesses.

The Center's N.C. Microenterprise Loan Program encourages self-employment and small business development by combining loans with business planning and technical assistance. It often works with individuals who have sound business ideas but may not qualify for traditional bank loans.

Loans are available for $500 to $25,000, with terms of one to five years, depending on the loan amount and use of funds. Interest is charged at prime plus 4 percent. Lower rates are available for loans supporting the use of clean energy sources, energy conservation and waste reduction.

CCCC's Small Business Center in Lee County will assist prospective borrowers in completing loan applications, provide other technical assistance and, as needed, provide referrals to business resource professionals for additional technical assistance. It serves entrepreneurs and small businesses in Lee County.

For more information, contact Dale Fey, CCCC Small Business Center Director, at sbc@cccc.edu or by phone at (919) 774-6442.

The SBC works with entrepreneurs and business owners one-on-one. It offers free, confidential, one-on-one counseling, business owner classes, loan considerations for special needs, planning aids and software and educational seminars. The SBC exists to help grow the area economy one business at a time.

The N.C. Rural Economic Development Center is a private, nonprofit organization whose mission is to develop sound economic strategies that improve the quality of life in rural North Carolina, with a special focus on individuals with low to moderate incomes and communities with limited resources. It operates a multifaceted program that includes research into rural issues; testing promising rural development strategies; advocating for policy and program innovations; and building the productive capacity of rural leaders, entrepreneurs and community organizations. It has operated the Microenterprise Loan Program since 1989, awarding more than 1,400 loans totaling nearly $8 million.