About the Charlotte Community Capital Fund
The Charlotte Community Capital Fund is an innovative public/private fund established in 2003 to assist small businesses with gaining access to capital. The City partnered with various other major corporations and foundations to provide a 85% loan guaranty for business loans made by Self-Help
, a non-profit community development lender in Charlotte. As such, the Fund enables Self-Help to use more flexible underwriting guidelines than that of traditional lenders. Therefore, businesses that are eligible for financing through the Fund typically would not be able to secure that same financing from a traditional bank.
The Charlotte Community Capital Fund is made possible by the following community partners:
Bank of America
Branch Banking and Trust
City of Charlotte
Fifth Third Bank
First Citizens Bank
Foundation For The Carolinas
Piedmont Natural Gas
John S. and James L. Knight Foundation
Park Sterling Bank
- Existing for-profit small businesses headquartered in Anson, Cabarrus, Gaston, Lincoln, Mecklenburg, Rowan or Union counties and that meet all other eligibility requirements may apply.
- Business owners must have less than $750,000 of personal net worth (various exclusions such as home equity and retirement funds can be excluded).
- Business owners must be a U.S. citizen or Permanent Resident.
- Prohibited businesses include adult oriented businesses, nightclubs, bars, hotels/motels, tattoo parlors, body-piercing shops, check cashing, pawnshops, car sales lots, gambling including but not limited to internet sweeps and cafes, non-profits, and any non-conforming uses.
- Although underwriting guidelines of the Fund are more flexible than those required for conventional loans, businesses must still demonstrate, among other things, loan repayment ability, collateral availability, adequate good credit history, management history, etc.
- Start-up businesses can be considered subject to increased underwriting scrutiny
- Contact Self-Help for additional eligibility requirements
Businesses that are ready to seek financing should obtain an application package from Self-Help
and submit the completed package to the Charlotte Self-Help office for consideration.
Due to the increased credit risk involved in providing financing to businesses with higher credit risk profiles than those of traditional bank clients, Self-Help conducts sufficient and thorough hands-on underwriting.
The timeline for obtaining loan approval and proceeding towards closing an approved loan will vary depending upon the size and complexity of the loan request.
Self-Help is located in the Aunt Stella Center at 926 Elizabeth Avenue, Suite 302, Charlotte NC 28204; 704-409-5900
Businesses are strongly encouraged to contact a Technical Assistance Provider of their choice to determine if they're ready to seek financing before applying for a loan.Technical Assistance Providers not only can help assess a businesses' financial condition and readiness to seek financing, they can also help the business develop long-term business planning goals and strategies and provide ongoing technical assistance.Business Technical Assistance Providers are passionate about the success of small businesses and have a breadth and depth of business knowledge to help take a business to the next level.
Traditional lenders considering small business loan requests in the Charlotte region that are just under their institution's normal underwriting guidelines can refer those clients to the Charlotte Community Capital Fund as a possible source of funding.
For additional information, contact the Charlotte office of Self-Help at 704-409-5900 or firstname.lastname@example.org.
Learn about Other Financial Assistance Programs