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Business Growth Fund

Supporting local business and economic diversification.

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 356-355-4515, ext. 224, to learn more about available funding options.

Learn More

Click here to download an information sheet to learn more about available funding.

EDA CARES Loan Funds

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

  • Low 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.


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