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SBC Taking Part in Business Loan Program

WINTERVILLE—The Pitt Community College Small Business Center has formed a partnership with the N.C. Rural Economic Development Center to make loans of up to $25,000 available for the startup or expansion of rural businesses.

The N.C. Rural Economic Development Center’s N.C. Microenterprise Loan Program encourages self-employment and small business development by combining loans with business planning and technical assistance. It often works with individuals who have sound business ideas but may not qualify for traditional bank loans. 

Loans from $500 to $25,000 are available through the program, with terms of one to five years – depending on the loan amount and use of funds. Interest is charged at prime plus four percent. Lower rates are available for loans supporting the use of clean energy sources, energy conservation and waste reduction.

PCC’s Small Business Center will assist prospective borrowers in completing loan applications and provide other technical assistance. The center serves Pitt County residents.

PCC’s representative for this program is Larry Biggs. He can be contacted for an appointment by e-mail at lbiggs@email.pittcc.edu or by telephone at (252) 493-7660.

PCC’s Small Business Center provides free seminars and free confidential counseling to help individuals grow or start their own business. Its mission is to increase the number and viability of small businesses in Pitt County.

The N.C. Rural Economic Development Center is a private, nonprofit organization whose mission is to develop sound economic strategies that improve the quality of life in rural North Carolina, with a special focus on individuals with low-to-moderate incomes and communities with limited resources.

It operates a multifaceted program that includes research into rural issues; testing promising rural development strategies; advocating for policy and program innovations; and building the productive capacity of rural leaders, entrepreneurs and community organizations.

The N.C. Rural Economic Development Center has operated the Microenterprise Loan Program since 1989, awarding more than 1,400 loans totaling nearly $8 million.