E3 Microloan & Small Business Mentoring

E3 for Small Business Community Loan Fund

 Town of Elkin business leaders have formed a partnership with the N.C. Rural Economic Development Center to launch a $100,000 small business community loan fund.  The goal of the partnership is to encourage small business and entrepreneurial growth firstly in the Historic Downtown district, but also in all of Elkin. 

 The STEP for Small Business Community Loan Fund works with individuals from Elkin who have sound ideas for starting or expanding a small business but may have difficulty obtaining a loan from traditional sources.  Here are a few details about the fund:

• -        Loan amounts range from $500 to $25,000 for small business startup or expansion
• -        Loans are offered in combination with business planning and technical assistance
• -        Loans will be reviewed by a local committee and serviced by the Rural Center
• -        Loan funds may be used to purchase equipment, inventory, or as working capital
• -        The loan fund does not compete with banks or other lenders, but rather, it is designed to serve as                             gap funding or complementary  financing for small businesses

The loan fund will prioritize business types that advance Historic Downtown Elkin as a vibrant cultural, entertainment and arts hub. Prioritizing businesses that will increase foot traffic including, but not limited to, retail and hospitality that capitalize on Elkin as a center for outdoor recreation, small-farm products trade, arts and crafts; that produce specialty goods for the niche consumer markets; and/or also involve art galleries or show rooms.  The fund also encourages applications from low-income, female and minority borrowers. 

The only way to be sure if you qualify is to apply. Basic requirements are:

• -        You wish to start or expand a small business.
• -        Your business is located in Municipal Service District of Downtown, or Elkin City Limits.
• -        You are 18 years or older
• -        And, of course, you have to have a sound business idea.

To apply, complete and submit a pre-application. Once received, a member of the Rural Center staff will help you through the remainder of the process.

To Download our Information Brochure - click here  E3 Brochure
To Download our Business Resource Brochure click here - Resource

 For more information and to apply, contact Leslie Schlender, Elkin Economic Development Director, (336)258-8907, lschlender@elkinnc.org