​Meck Lending 

Small Business Loan Program

Small businesses play a significant role in the local and national economy; they create jobs, help diversity the economy and lead to neighborhood revitalization. This loan program, therefore is designed to support non-standard lending features and help small business owners access capital.

Program Objectives

The Meck Lending loan program has non-standard lending features such as:

• Accommodate disadvantaged and veteran-owned businesses
• Take into consideration sophistication level and experience of business-owners
• Alternative or sub-prime credit
• Lower debt-service-coverage-ratio
• Lower equity contribution
  
• Longer amortization schedule
• Provide technical assistance to business owners to mitigate risk
• Interest only payments period, followed by principal & interest payments

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Loan Eligibility and Program Guidelines

• Business must be located in Mecklenburg County
  
• Annual revenue under $2 million
  
• No bankruptcy filing for business and/or owner within the past 5 years
  
• No open tax liens
  
• No unpaid judgments over $1,000 Medical related exempt
  
• Owner/guarantor credit score 550 or better
  
• Minimum Debt-Service-Coverage Ratio: 1.0 or better
• Equity contribution: 10% for Start-up and New Business (1-3 years); 10% for Growing (4-7 years)
  and Matured (over 7 years)