BEFCOR’s CDFI loans support North Carolina’s small businesses located in rural, economically distressed, and investment areas.
Key details about BEFCOR's CDFI loans include:
- Loan Amounts: $5,000 - $150,000
- Eligibility: Most types of small businesses are eligible
- Terms and Interest Rates: Interest rates are fixed and generally below market
- Repayment terms vary, with longer amortizations to keep payments low.
- Loan fees may be financed.
- Personal Guarantees of owners of 20% or more of the business are required.
- Collateral is typically required.
Eligible uses of CDFI loans include:
- Land and new building purchases
- Building expansion and renovation
- Equipment and machinery
- Fixtures
- Commercial vehicles
- Inventory
- Working capital
- Debt refinancing
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Click here to learn more about our loan application process.
To get the process started, initial application documents include:
- BEFCOR Application
- Business Tax Returns for the past 2 years
- Business Interim Financial Statements, A/R and A/P Aging, and Business Debt Schedule
- Corporate information including Articles, Bylaws, Operating Agreement, details on affiliates
- Loan request amount and supporting quotes/contracts/invoices
- Business Plan, Financial Projections, and Resumes of Key Management
- Personal Financial Statements and Tax Returns (1 year) for owners of 20% or more
Depending on your specific loan needs, additional documentation may be required.
Below is helpful information for new loan applicants about the CDFI Loan Process.
What are CDFIs?
Community Development Financial Institutions are non-profit lenders that are approved by the US Department of the Treasury to offer financial products under certain guidelines. As a CDFI, BEFCOR is focused on assisting small businesses with smaller loans in NC.
CDFIs understand that when businesses have capital to grow, communities grow as well! That’s why financing small businesses is OUR business!