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