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?

  1. A client who demonstrates significant commitment to the business, including sufficient security.
  2. A client who develops a realistic business plan with a reasonable expectation of profit.
  3. A client who has the necessary skills and experience to operate a business.
  4. A client with a business that impacts a number of jobs in Norfolk County.
  5. A client who cannot obtain traditional bank financing.

Application Process

  1. Prepare a business plan - your blueprint to your business proposal.
  2. Prepare one year cash flow projection (if an existing business, provide at least the last two years of financial statements).
  3. Meet NDBDC staff to review the financing required.
  4. 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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