HFTC Revolving Loan Fund
Establishment
The Harnett Forward Together Committee (HFTC), through USDA Rural Development, has established a business loan program.
Loan Committee
Applications can be requested by contacting the Harnett County Economic Development office.
A loan committee comprised of HFTC members (two bankers, a local business owner and the Director of Harnett County Economic Development) determines qualifying applicants and awards for the Business Loan Program.
Guidelines
1. Funds can be used for operating capital, capital acquisition and improvement (M&E), and land acquisition.
2. Loans generally range from $25,000 to $75,000.
3. Interest charged is at the discretion of the loan committee. Typically, the interest charged is based on prime rate at closing plus 1/4%.
4. Funds are granted based on the applicant’s ability to pay and the soundness of the business opportunity.
5. The term of the loan is at the discretion of the loan committee. The following guidelines generally apply:
- Operating Capital 1-3 years
- M&E 3-5 years
- Land 7 years
6. Businesses meeting the following criteria will receive funding priority:
- Revenue of $1,000,000 or less in a calendar year.
- Creation or retention of tax paying jobs within Harnett County.
- Fifty or less employees. In all cases, the business must be located in Harnett County.
7. All borrowers must comply with the rules and regulations of Section 504 of the Rehabilitation Act of 1973, as amended, and in many cases with the American with Disabilities Act.
Loan Application Process
1. Obtain a loan package from the Harnett County Economic Development office.
2. Submit the completed package to the Economic Development office.
3. The Economic Development Director reviews and verifies that the loan application package is complete.
4. Applications that qualify are forwarded to the HFTC Loan Committee for review and approval.
5. A decision is made and a letter of notification is sent to the loan applicant.
Where to Apply
Inquiries to the Harnett Forward Together Committee should be made through:
Harnett County Economic Development Commission
907 S. Main Street
P.O. Box 1270
Lillington, NC 27546
Phone: 910.893-7524
Fax: 910.814.8298
Email: business@harnett.org