Starting a small business takes money. A new fund in Charlotte is providing access to it.

CHARLOTTE — Small businesses in Charlotte are getting some help to keep their doors open and bring in more customers.

The city of Charlotte announced a new fund on Tuesday to funnel thousands of dollars to small business owners to need a loan.

It’s called the “Charlotte Small Business Growth Fund,” and more than 2,000 small businesses will be able to apply for loans of up to $250,000.

“We know that the number one barrier to start, run, and grow a business is access to capital,” Nate Hogan, the president of the Charlotte Alliance Foundation, told Channel 9′s Almiya White.

Hogan says the goal is to ensure that the loans are successful. The fund is open to all businesses headquartered in Charlotte, but it’s especially designed for businesses that don’t qualify for traditional bank loans.

The loan interest rates through the growth fund are between 9-12%, depending on the loan size. For comparison, the Small Business Administration’s interest rates are 14.5-15% for the same loan amounts as of Tuesday.

You can apply by clicking this link.

>>In the video at the top of this page, see how some small business owners are converting old loans into new opportunities.

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Almiya White

Almiya White, wsoctv.com

Almiya White is a reporter for WSOC-TV

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