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Small
Business
Where
to get help for your small business
The
North Carolina Institute for Minority Economic Development (NCIMED) and
the U.S. Small Business Administration (SBA) work together and separately to
offer numerous programs to assist minority and women business owners. Some of
the most popular programs are detailed below. For more information, contact
NCIMED in its Durham office at 919-956-8889 or visit www.ncimed.org;
contact the SBA in its Charlotte office at 704-344-6563 or visit www.sba.gov.
7(a) Prequalification Program. The NCIMED is a qualified loan
intermediary, whose primary role is to receive, review and process loan packages
for the SBA. The NCIMED staff will provide or refer the appropriate technical
assistance to minority, women and veteran-owned businesses desiring loan
guarantees from the SBA. The maximum loan amount is $250,000.
8(a) Business
Development Program. This SBA program, named for a section of the Small
Business Act, was created to help small disadvantaged businesses compete. It
includes special government contracting opportunities, exclusive training
opportunities, a mentor/protégé program and a surplus property program.
Intermediary Relending
Program (IRP). A NCIMED program, the goal of the IRP is to finance business
facilities and community development projects in Edgecombe, Halifax,
Northampton, and Wilson counties. Interested clients must be turned down by at
least two financial institutions and located in areas with populations of 25,000
or less. The loan size ranges from $50,000 to $250,000.
Self-Help Ventures
Fund Partnership (SHVF). The NCIMED’s partnership with the Self-Help
Credit Union provides access to the Self-Help Ventures Fund. The fund can
provide small business loans to businesses that have the ability and willingness
to repay but are not considered viable candidates for traditional bank loans.
The Rural Center
Microenterprise Loan Program Partnership. This partnership between NCIMED
and the North Carolina Rural Economic Development Center provides loans to
qualified individuals for business start-ups or expansion in an amount up to
$25,000. The business must be located in one of the 85 rural counties of North
Carolina.
Banking Partnerships.
These statewide partnerships allow the finance team of NCIMED to counsel and
assist select small businesses in applying for traditional bank loans
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