Areas Served: Winston-Salem Neighborhood Revitalization Strategy Area or in the Hewitt Business Center in Old Salem
Financial Assistance for Small Businesses is available through an economic development loan fund if your for-profit business is located in the Winston-Salem Neighborhood Revitalization Strategy Area or in the Hewitt Business Center in Old Salem.
A LOAN FOR STARTING A BUSINESS CAN BE USED FOR: – Buying property for a business which creates or retains jobs – Purchasing, constructing or rehabilitating commercial buildings and structures – Purchasing equipment and fixtures for the business – Improving energy conservation – Business start up costs A LOAN CANNOT BE USED FOR – Purchasing, constructing, or rehabilitating government facilities – Schools and educational facilities – Facilities used for exhibitions, spectator events, or cultural events – Hospitals; nursing homes; or other health care facilities – Purchasing equipment for one’s personal use – Real estate investment – Constructing or rehabilitation for housing LOAN AMOUNT/TERMS – The minimum city loan is $10,000. – All loans are subject to availability of funds.
– The average loan is $35,000. – The city budget for this year for this program is approximately $150,000. INTEREST RATE AND FEES – A simple interest rate of 7 percent per annum is applied.
– The maximum term of the loan is ten (10) years or 120 months of equal installments.
– The city may consider a longer amortization schedule with a five (5) call year provision.
Contact InformationDevelopment Office, City of Winston-Salem, North Carolina
Address: 400 West Fourth Street, Suite 400
City: Winston-Salem
State: North Carolina
Website:
http://www.cityofws.org/Home/Departments/DevelopmentOffice/SmallBusinessCenter/Articles/LoanProgram
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