Small Business Loans
Small business loans may be available through the NDBDC to businesses not able to acquire traditional bank financing.
All loans are fully open for prepayment.
| NDBDC Loans |
Business Performance Loans |
Access to Capital Loans |
| When traditional Bank financing is not accessible to a business |
When financial track record and security offer lowered risk |
When business diversification qualifies in six priority sectors |
| Loans up to $250,000 |
Loans up to $250,000 |
Loans up to $250,000 |
| Prime + 3%, 11% minimum |
Prime + 4% |
Prime + 2% |
| 5 year term |
3 year term |
3 year term |
| 15 year maximum amortization |
20 year maximum amortization |
15 year maximum amortization |
Who Can Apply?
- A client who demonstrates significant commitment to the business, including sufficient security.
- A client who develops a realistic business plan with a reasonable expectation of profit.
- A client who has the necessary skills and experience to operate a business.
- A client with a business that impacts a number of jobs in Norfolk County.
- A client who cannot obtain traditional bank financing.
Application Process
- Prepare a business plan - your blueprint to your business proposal.
- Prepare one year cash flow projection (if an existing business, provide at least the last two years of financial statements).
- Meet NDBDC staff to review the financing required.
- Loan application fee of 0.75% of principal borrowed required with application and personal financial statements (the $75 loan review fee contributes to the cost of the application fee).
Contact us today to learn more about the program or to make your application.
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