The nationally acclaimed Microenterprise Loan Program provides promising
entrepreneurs the funding they need to get a new venture off the ground and to grow
existing small businesses. Along with the express loan, the program offers their standard
small business loans ranging from $5,001 to $25,000. These loans are available to
entrepreneurs who likely would not qualify for traditional bank credit with an emphasis
on female and minority borrowers. Preference is given to loans originating in rural and
low-income areas. To be eligible, applicants must be permanent residents of North
Carolina, at least 18 years of age, and should have some level of prior business
experience. Entrepreneurs with established businesses should have no more than 10
full-time employees.

Since its creation in 1989, the Microenterprise Loan Program has invested more than
$6 million in a wide variety of small businesses throughout North Carolina, everything
from catering companies to automotive repair shops to home health care organizations.
To date, more than 1,000 small business owners have borrowed money from the program,
which is available in all 85 rural counties of North Carolina. The program is now the
sixth largest of its kind in the country and has received several significant recognitions,
including the first Presidential Award for Excellence in Microenterprise Development
in 1995 and the U.S. Small Business Administration’s Vision 2000 Award in 1999.

The N.C. Rural Economic Development Center is a private, non-profit organization
whose mission is to develop sound economic strategies that improve the quality of life
in rural North Carolina, with a special focus on individuals with low to moderate
incomes and communities with limited resources.

The Marion Downtown Business Association is a nonprofit organization partnering with
the City of Marion for Economic Development for the City of Marion. Loans are not
restricted to city residents, but are also available to all McDowell County residents.

For more information info@hometownmarion.com