Financing Assistance

We know money makes the world go 'round, so we're making it easier for you to get your hands on it. Below are a few options we've developed to help you gain access to capital for your business.

NRGRDA Revolving Loan Program

Eligible Geographic Area: Fayette, Raleigh, Nicholas, Summers counties

Funds Available:  up to $1,200,000

Loan Amount/Participation: $25,000 – $200,000 (up to 50% of total project cost)

Equity Injection Required: 10% of total project cost

Eligible Industries: Aquaculture, Manufacturing, Tourism and Hospitality Facilities, Warehousing and Distribution, Information Management, Teleservices, Technology, Energy, Wood Products and Forestry, Agribusiness, Back Office Operations, and Emerging Industries

Job Creation Ratio Requirement: $15,000 : 1

Use of Funds Permitted: Purchase of land/buildings, construction or renovation, site preparation, purchase of machinery/equipment, or working capital.

Terms:

  • Purchase/renovation of fixed assets – not to exceed 15yrs
  • Machinery and equipment, life of asset – not to exceed 10yrs
  • Working capital – not to exceed 7yrs

Costs to Borrower: Interest rate (rate to be set by Loan Review Committee) and loan closing costs

Collateral:

  • Fixed assets – NRGRDA may take subordinate secured interest
  • Working capital – Blanket lien on all assets of company

Special Conditions:

  • Davis-Bacon wages apply to construction projects.
  • Business and/or personal assets may be used as collateral.
  • Personal guarantees required of all owners of more than 20% of business
  • Up to 50% other lender participation required for balance of project
  • Letter from participating financing source outlining need for NRGRDA funds
DOWNLOAD APPLICATION

NRGRDA Micro Loan Program

Eligible Geographic Area: Fayette, Raleigh, Nicholas, Summers counties

Funds Available:  up to $115,000

Loan Amount: $7,500 – $15,000

Purpose: The intent of this program is to provide access to capital to qualifying prospective and existing small business owners. These loans serve as an alternative source of financing to those who do not have access to capital through traditional sources.

Business Size: 15 or fewer employees

Use of Funds Permitted: Renovations, furniture and fixtures, inventory, supplies, purchase of machinery/equipment, or working capital.

Terms: The maximum repayment period will not exceed 5 years.

Costs to Borrower: Interest rate (Rate to be set by Loan Review Committee, but will always be between 4% and 4.25%.) and loan closing costs

Collateral:  Business and personal assets of the borrower will be considered and reviewed to assure loan is reasonably collateralized.

Special Conditions:

  • In no case shall micro loan funds be used to refinance existing debt
  • Personal guarantee of all owners of more than 20% of business
  • Loan proceeds cannot be used for down payment unless 1st lien can be obtained
DOWNLOAD APPLICATION

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