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Wilmington Downtown Inc. offering new microloans for small businesses

Wilmington Downtown, Inc's Board of Directors announced Monday that a new president and chief...
Wilmington Downtown, Inc's Board of Directors announced Monday that a new president and chief executive officer has been named.
Published: Mar. 29, 2021 at 8:17 PM EDT
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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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