CDBG Small Business Loan Program – City of Morganton

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Areas Served: City of Morganton

The City of Morganton Community Development Block Grant (CDBG) Small Business Loan Program (SBLP) is a competitive, low interest loan program offering between $5,000 and $30,000 for new or expanding small businesses in the City limits of Morganton, North Carolina that employ individuals that meet low to moderate-income criteria.

Funds may be used by small business owners for a variety of purposes to encourage small business entrepreneurship.

Eligibility – Assisted business owners must show experience in similar business ventures or provide evidence of certification through the community college or similar institution.

Only businesses that primarily employ people with low to moderate -incomes are eligible for funding.

Low to moderate-incomes eligibility is determined by using household income guidelines established annually by HUD.

(51% of the total new employees of the business must fall within the low to moderate-income range.

– Home-based businesses or occupations may be eligible for SBLP funding, as long as the activities of the business are eligible under existing city ordinances and regulations and have potential to impact or benefit the entire city.

– SBLP funds are available to qualified businesses citywide, but priority will be given to businesses that comply with City Long term planning goals identified through the Adopted Mission 2030 plan, or located within target areas where other city programs are taking place such as redevelopment areas, downtown areas or areas in need of reinvestment such as DIG Zones or Urban Progress Zones.

– Applicant must be a citizen of the United States and proposed business must be located with the city limits of Morganton.

Eligible Uses CDBG funds may be used for a variety of activities, some of which include: – Purchase of land or buildings – Building construction – Building renovation – Up-fit tenant improvements – Purchase capital equipment to conduct the business – Purchase of inventory necessary for project start-up – Working Capital Ineligible Uses The following activities may not be assisted with CDBG funds: – Governmental uses or expenses – Political activities – Personal property

Contact Information
Morganton North Carolina Business Loan
Address: PO Box 3448
City: Morganton
State: North Carolina

Website: http://www.morgantonnc.gov/index.php/government/development-and-design-services/grants-and-loans

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