WDI Special Newsletter
February 8, 2022
Get A $1,500 check as part of
WDI's Microloan Assistance Grant Program!
Citrus Salon is one of several businesses in the downtown area to receive a Microloan Assistance Grant through WDI after closing on a Microloan. This salon is located at
262 N. Water St., inside the River Place development.
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.

WDI has issued $1,500 grant checks to End of Days Distillery, Citrus Salon, Craftspace, and Transcend Bookkeeping. Each of these businesses has secured a $20,000 loan in this revolving loan 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.

Contact WDI at 910-998-7744 or email office@wilmingtondowntown.com with further questions.
For a faster turnaround, here's a checklist to help your loan request!
Other MAG Grant Recipients
921 Princess St.
Soda Pop District

Craftspace upcycles shipping containers to create sustainably-focused modular building solutions.
Cargo District

End of Days Distillery crafts distinctive spirits inspired by bold pre-prohibition flavors and styles. Its gin, vodka and rum are made to express the unique character of the company's Carolina roots.
1607 Queen St., Unit 201
Cargo District

Transcend Bookkeeping provides competitively-priced, high-quality bookkeeping and CFO services by serving as a complete finance team alternative to an
in-house bookkeeper.
226 North Front Street, Suite 130
Wilmington, NC 28401
Phone: (910) 998-7744