Revolving Loan Fund Program Print E-mail

This program is funded by the U.S. Department of Commerce and is underwritten by the Upper Coastal Plain Development Corporation. The interest rates are fixed with terms of up to 7 years. This program serves all areas in the Upper Coastal Plain five-county region (Edgecombe, Halifax, Nash, Northampton, and Wilson). The business size can be any number of employees. There is a Loan Fee of 2% of loan amount (or a minimum of $1000).

The primary purpose of these programs is to create and maintain employment and improve the economic and environmental climate in rural communities. This is achieved by making and servicing quality loans to provide lasting community benefits.

ELIGIBLE AREAS:  Edgecombe, Halifax, Nash, Northampton, and Wilson Counties.

ELIGIBLE BORROWERS: Any legal entity, including individuals, public and private organizations, and federally recognized Indian Tribal groups may borrow. There is no size restriction on the business.

ELIGIBLE LOAN PURPOSES:

  • Business and industrial acquisitions
  • Construction
  • Conversion
  • Expansion
  • Repair
  • Modernization
  • Development costs
  • Refinancing for viable projects, under certain conditions
  • Purchase equipment, machinery, or supplies
  • Processing and marketing facilities
  • Pollution control and abatement
  • Working Capital

Contact the Loan Officer at (252) 234-5901 for more information on the Commercial Loan Programs.

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