Wilmington Downtown Inc. offering new microloans for small businesses
WILMINGTON, N.C. (WECT) - Wilmington Downtown Incorporated is offering more help to businesses impacted by the pandemic. WDI’s new Microloan Program can offer loans of up to $20,000 for startup funding or to help offset the issues caused by the COVID-19 pandemic.
It is a partnership between WDI and Civic Federal Credit Union designed to benefit businesses in the central business district and other downtown areas.
In a news release sent by Holly Childs, the President and CEO of Wilmington Downtown Inc., the microloans are described as “short-term, low interest loans that can be used for a wide range of needs from rent to inventory to expanding e-commerce capabilities, differing from most other small business loans”
The release also says the terms of the WDI microloans include:
- · Amounts: Maximum loan amount is $20,000
- · Maximum Terms: 5 years
- · Initial Payment Deferral: Approved loans have initial payments deferred for six months
- · Businesses must be located within one of the downtown districts of Wilmington
Interested business owners are encouraged to contact WDI for more information.
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