Farming/Agricultural Lending Program
The Support Center is a Standard Eligible Lender in the USDA Farm Service Agency Guarantee Lending Program and a participant in the USDA Intermediary Relending Program (IRP). We offer loan assistance to farmers, agricultural businesses and rural based business owners who have experience and are in a position to own or expand their operations and are seeking funding.
Farm Loan Purposes
Veterans Direct Lending Program
Eligible Veteran borrowers must meet the following criteria:
The Support Center offers loans directly to Service-Disabled-Veterans and Veterans across the state. We focus on start-ups and small expanding businesses that can not readily access capital through traditional banking institution
General information about the loan terms for the Veterans Direct Loan Program:
Roberta McCullough: rmccullough@TheSupportCenter-nc.org
Ed Timberlake: etimberlake@TheSupportCenter-nc.org
Don Harrington: dharrington@TheSupportCenter-nc.org
919.803.1437 • www.TheSupportCenter-nc.org
Our Small Business Lending Program
The Support Center is a statewide Community Development Financial Institution. We are an approved lender for the SBA, USDA/FSA & USDOT Guarantee Loan Programs. We lend to start-ups and existing businesses across the state, with emphasis on businesses that have difficulty accessing financing through traditional lending sources. The following is a list of our lending products:
SBA Community Advantage 7(a) Loan Guarantee Program
SBA Intermediary Lending Pilot Program
USDA Intermediary Relending Program (IRP loans)
USDA Farm Service Agency Guarantee
US Department of Transportation Short Term Lending Program
NC Small Business Development Loan Program
Qualifying for a Loan
Let’s talk about the Basics 5-Cs’ of Small Business Lending. This “tried and true” method, if applied with diligence, will allow lenders to be aware of the risk of every loan request that we receive. In turn, when we apply these “5″ C’s, we can better serve you to help you qualify for the capital you need.
1. Character: How the business and the principals view their previous credit obligations. Have they paid as agreed? Are they interested in the success of the company? Is their management ability sufficient for their present size? What about as the business grows?
2. Capacity/Cash Flow: The ability of the company to pay total debt. Normally, capacity to service debt is figured by the sum of net profits (after tax), depreciation and interest expense, unless the use of accounts receivable is necessary in the conduct of their business, then more involved calculations are necessary. Be sure that “total debt” is to be considered if there is debt outside ours.
3. Collateral: This is considered a “safety net” in those cases when unforeseen problems arise that would diminish the ability to repay debt. Always consider the economic situation that could arise during the duration of the loan. Economic conditions can change that may affect the collateral value. Also, if the collateral is to be the “safety net” for our safeguard, we should know, without a shadow of doubt, the value of the collateral at the time the loan is generated, plus we should know, during the duration of the loan, the continuing value. Collateral can also be referred to as the “secondary source of repayment”.
4. Capital: The ability to sustain a downturn in the economy. Capital also establishes a commitment of the owner to his business. A low capital position (or equity injection) raises questions. We need to feel comfortable that the company has as much vested in the loan as we do, and therefore will do all they can to ensure the company’s success.
5. Conditions: Key risks surrounding the company and its industry. Even if the company’s historical financial performance is strong, the bank wants to be sure of the future viability of the company. The bank won’t make a loan today if it looks like the viability of the company is threatened by some unmitigated risk that is not sufficiently addressed.