Wilmington Downtown, iNC is encouraging businesses to apply to its Microloan Program before interest rates go up next month.
Right now, a business approved for a loan as part of WDI's Microloan Program can receive up to a $20,000 loan at 3/4 of the New York Prime rate. At this time, that rate is about 2.44%. The loan rate is fixed on the date of closing.
WDI is also awarding $1,500 grant checks to the first 15 businesses that close on a Microloan. These checks are made possible through a $25,000 award to WDI from the Duke Energy Foundation's Hometown Revitalization Grant Program.
The grant funding from Duke Energy is being utilized in WDI's Microloan Assistance Grant (MAG) Program.
Money paid back to the WDI Microloan Program goes back into a funding pool to assist other businesses with the necessary financial capital they need to start up, grow or expand.
WDI has developed this financial assistance program to directly support entrepreneurs and incentivize small business investment.
Businesses inside and beyond the traditional downtown footprint in the Central Businesses District (CBD) can apply for the program. The WDI Microloan Program is aimed to help existing small businesses weather the impacts of COVID and attract new businesses to start in the CBD and the City's seven emerging districts.
Our emerging districts are: Brooklyn Arts, Cargo, Castle Street, North Waterfront, Northside, South Front, and Soda Pop districts.
WDI has joined with Civic Federal Credit Union as the underwriter for this lending program.
WDI manages the intake for this program, while Civic Federal Credit Union manages the lending and review of businesses’ sensitive financial information.
Microloans facilitate business spending on eligible expenditures, including purchasing inventory, paying up to 3 months of rent, buying furniture, making equipment purchases and repairs, and adding/expanding e-commerce capabilities.
Microloans are currently supporting minority- and women-owned businesses through our partnership with Genesis Block, as well as supporting Veteran entrepreneurs through our work with Bunker Labs.
For more information about the Microloan Program and to fill out an intake form click here. See the checklist below to find out what documentation is required for the program. If all documentation is ready Civic Federal Credit Union can turn around a loan for approval in about two weeks.
