A partnership between the Polk County Office of Economic Development and Carolina Small Business Development Fund will provide small businesses a loan program with more flexible underwriting guidelines than traditional lenders.

The Polk County Community Capital Fund provides small business owners the opportunity to apply for loan capital and obtain technical assistance, one-on-one counseling and coaching necessary to grow their business.

“The newly created loan fund will have a significant impact on small business development in Polk County. We are grateful for CSBDF, an organization willing to increase efforts in small business lending to support underserved entrepreneurs,” said Brian Griffin, Polk County business development director. “The loan fund will create an outlet for local banks to refer applicants who do not fit their underwriting guidelines. CSBDF is commended for providing access to loan capital opportunities in a small, rural county.”

CSBDF is a nonprofit community development financial institution providing loans to start-ups and existing businesses across North Carolina, primarily businesses having difficulty obtaining financing through traditional lending sources.

“We are elated to partner with Polk County to offer this unique program specifically targeted to the needs of small businesses and entrepreneurs in the area. We believe this program will allow small businesses to obtain capital and provide an opportunity to expand and meet their business goals,” said Lenwood V. Long Sr., CSBDF president/CEO.

To apply for a program loan, the business must be for-profit and located in Polk County. Start-up businesses are considered subject to an underwriting review.

For more information about the new program, people may contact Brian Griffin at bgriffin@polknc.org or 828-894-2895.

– Submitted by Marilyn Ball