Revolving Loan Program (FVEDC)
The Fuquay-Varina Economic Development Commission, Inc. (FVEDC) maintains a revolving loan program for new or existing businesses can for loan funding assistance of $5,000 to $80,000. These loan funds are subject to availability and will must be approved by the FVEDC Board of Directors.
Business loans may be used for:
- Operating capital
- Machinery & equipment
- New building construction & renovation
Funds are granted based on the applicant’s ability to pay and the soundness of the proposed project. The minimum and maximum loan amounts that can be applied for are $5,000 and $75,000 unless authorized by the FVEDC Board of Directors. *All loans are subject to availability of FVEDC funds.
Interest charged is at the discretion of the FVEDC. Traditionally, interest charged is based on prime rate at closing plus 0.25%. The term of the loan is at the discretion of the FVEDC Board of Directors The following guidelines generally apply:
- Operating Capital 1–3 Years
- Machinery & Equipment 1–3 Years
- Building Renovation and/or New Construction 5–7 Years
Businesses meeting the following criteria will receive funding priority:
- Gross revenues of $1,000,000 or less in a calendar year
- Creation or retention of tax paying jobs within the Town of Fuquay-Varina Corporate Limits
- (50) or less employees
*NOTE: In all cases, the business must be located in the Town of Fuquay-Varina’s Corporate Limit
- Complete & submit the complete LOAN APPLICATION online.
- Once the Loan Application is received, the Applicant will be contacted by the FVEDC to further process loan application materials and discuss business venture.
- Once the application is received, the FVEDC Revolving Loan Subcommittee will review the application package to insure basic qualifications are met and that the application is complete with all supporting documentation. *Applications not completed will not be reviewed!
- If a loan application is approved by the FVEDC Revolving Loan Fund Subcommittee, the loan application will be recommended to the FVEDC Board of Directors to vote and approve/authorize the loan application.
- After a decision is made by the FVEDC Board of Directors, an official loan offer letter will be mailed to the loan applicant.
Note: If approved, the loan applicant is responsible for retaining an attorney for closing the loan and for any other associated closing costs.