Business Growth Funding

We are here to help businesses in our community thrive and grow! Our Accelerate Business Growth Fund offers several funding options with competitive interest rates. Explore the options below then contact us to apply today.

APPLY NOW

Contact Crystal Julien at
256-355-4515, ext 258 or
This email address is being protected from spambots. You need JavaScript enabled to view it. to learn more about available funding options.

EDA CARES Loan Funds

This fund was established in 2020 for existing businesses and is available through June 2022 or until funds are exhausted.

  • 0% interest for the duration of the loan
  • Loan terms of 5 to 10 years
  • Funds for working capital, rent, utilities and other COVID related expenses

Business Growth Fund

The NARCOG Business Growth Fund is a locally controlled source of capital used to finance start-up and expanding businesses whose projects will result in job creation, leverage private sector investment, and reduce unemployment in Cullman, Lawrence, or Morgan Counties. Both microloans and traditional loans are available through this fund.


Microloans

Our Microloan Program provides financing for businesses whose projects may not be a fit for traditional financing. It offers a loan ceiling of $50,000 and up to 5 year term and can be used to purchase real estate/fixed assets, purchase machinery/equipment/inventory, or provide working capital.

Microloan Terms

  • Real Estate/Fixed Assets: Up to 5 years
  • Machinery/Equipment/Inventory: Up to 5 years
  • Working Capital: Up to 5 years
  • Competitive interest rate set by the Loan Review Committee
  • At least 10% borrower equity injection is required

Traditional Loans

Traditional Loans offer competitive interest terms and rates. The purpose of a traditional loan is to provide “gap financing” after the applicant and financial institution have reached their financial limits. Letters from the financial institution requesting NARCOG participation for financing are required as part of the application process. These loans can be used for new construction or renovation of commercial real estate, purchases of machinery or equipment, or working capital.

Traditional Loan Terms

  • Loan size: $10,000 - $200,000
  • Competitive interest rate set by the Loan Review Committee
  • Working Capital: Up to 5 years
  • Equipment: Up to 10 years
  • Real Estate: Up to 25 years

CONTACT US

256-355-4515
800-682-8604

MAILING ADDRESS

Post Office Box C
Decatur, Alabama 35602

VISIT US

216 Jackson Street SE
Decatur, Alabama 35601

OFFICE HOURS

Monday-Friday
8:00 a.m. - 4:30 p.m.

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