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Published Mon, Oct 26, 2009 02:00 AM
Modified Sun, Oct 25, 2009 09:29 PM

Loan program to aid small businesses

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BY ROCHELLE MOORE - The Wilson Daily Times

Tags: business | investment | local

The creation of a new loan program is expected to help small businesses access financial resources during difficult economic times.

The Center for Community Self-Help in Durham will administer two programs, the Golden LEAF Loan Program and the Rural Center Loan Program, which will provide $5.5 million in loans to businesses across the state. The Golden LEAF Foundation is providing $5 million, and the state Rural Economic Development Center will add $500,000 to the programs.

"During this economic crisis, we've watched as big business received massive bailouts, but not enough attention has been paid to small businesses, which really are the foundation of our economy," Lt. Gov. Walter Dalton said in a Golden LEAF press release. "As I have talked with small business owners, I have heard loud and clear that more help is needed, and providing these loans is a powerful step."

The Golden LEAF loans will place a priority on small businesses in health care, construction, green industries, agricultural and manufacturing, especially those owned by women and minorities.

The programs are expected to bolster the state economy and protect jobs, which is consistent with Golden LEAF's mission to promote the social welfare of state residents and to provide economic assistance to tobacco-dependent, economically distressed and rural communities, Golden LEAF president Dan Gerlach said.

To apply or receive more information on the programs, call Jane Hatley, senior loan officer for Self-Help, at 828-771-2817 or jane.hatley@self-help.org.

Self-Help is a nonprofit lender that works to create ownership and economic opportunity through financing opportunities.

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