Who is eligible?  Owners of new or expanding businesses located anywhere in North Carolina are eligible to apply for the SBA 504 loan program. Small business owners in Carteret, Craven, Duplin, Greene, Johnston, Jones, Lenoir, Onslow, Pamlico or Wayne Counties are eligible to apply for any of our in-house loans. The Defense Ventures Fund is available statewide.

What purpose?  NRDA makes loans for the purchase of land and building, working capital, inventory and equipment. All loans must be fully collateralized and all loans require the borrower to contribute 10% to 25% of the total project cost. Certain types of loans and dept refinancing are prohibited by our programs. (Call to check on eligibility.) Job creation is also required. Our in-house loans require one job to be created for every $35,000 loaned.

How much can I borrow?  The SBA 504 loan is done in conjunction with a bank, a credit union or other lending institution and the SBA portion can be as high as $5 million ($5.5 million for manufacturing facilities). NRDA’s in-house loans generally range from $15,000 to $150,000. Borrowers must be able to contribute cash or equity to the project. While NRDA will examine any and all sources of repayment, prudent lending practices still require sufficient collateral, adequate credit history and reasonable expectation of repayment.

What is required?  Call us for an initial screening and for further instructions on how to apply for one of our loans.  If your project is eligible, we will send you an application.  Before you approach any lender, you should have the following items prepared:

• A business plan
• Two year projected balance sheet and income statement
• Current balance sheet and income statement
• Three years tax returns on the business

Two years personal tax returns and current personal financial statements for each person owning 20% or more of the business

Need Assistance?
You may obtain assistance with putting together a business plan and in assembling a loan package by contacting the small business center at the nearest community college or by contacting: 

• The North Carolina Small Business & Technology Development Center in Greenville at 252-328-6157
• The North Carolina Small Business & Technology Development Center in Wilmington at 910-395-3744
• Any chapter of SCORE (check the SBA website for the location nearest you)

There are program restrictions, which may apply to certain types of projects. 
For information on any of our loan programs, call NRDA at 252-638-6724
or email us at info@nrda.org