In addition to small business loans, MELP offers business education courses, technical assistance, and mentoring. Individual or group counseling is available, as well as numerous other opportunities for the growth and development of small businesses. 1997 loans were available at 7 percent per year plus a 1 percent origination fee. All loans are secured through collateral. City of Winston-Salem Target Area Business Assistance Program Funds are available to encourage businesses to locate within distressed areas of the city in order to create jobs and increase the tax base in these areas.
Assistance can be either a grant or a loan.
The amount of assistance is determined based on job creation and the tax base investment. The Town of Carrboro created its loan fund in 1986 for projects that result in the creation or retention of jobs targeted specifically to low and moderate income persons. The life of the loan interest rate charged is based on cash flow projections and other means of documented need. All loans are secured through an agreement conveying to the Town a financial interest in the property owned by the applicant. For more information on local government programs in your area, contact the Small Business and Technology Development Center .