Who is eligible?  Owners of new or expanding businesses located in Carteret, Craven, Duplin, Greene, Johnston, Jones, Lenoir, Onslow, Pamlico or Wayne Counties are eligible to apply for any of our in-house loans. Because we are not allowed to complete with banks, you must have two bank turndown letters to be eligible for an in-house loan. SBA 504 loans can be made anywhere in the state of North Carolina.

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 debt 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.

The business owner who fails to plan, plans to fail

How much can I borrow?  NRDA's in-house loans generally range from $1,500 to $150,000. The SBA 504 loan is done in conjunction with a lending institution. The SBA portion of the project is capped at $1.5 million with certain exceptions. Borrowers must be able to contribute cash or equity to every project. While NRDA will examine any and all sources of repayment, prudent lending practices still require 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

Three years personal tax returns and current personal financial statement for each person owning over 19% of the business

Planning ahead for your new business can mean the difference between success and failure.

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
• The Down East Chapter of SCORE at 252-633-6688

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