A local community lending agency is rolling out a contest that seeks to help one small-business obtain start-up financing, minus the down payment.
The Support Center, a Raleigh-based community development financial institution, recently announced its Dream Big Small Business Start-Up Competition with a grand prize of up to $75,000 in start-up financing for a new business.
“Our goal is make people aware that there is funding for young businesses,” said Vicki Parker, a spokesperson for The Support Center.
Typically, the center asks for a 10 percent down payment on such loans, but that would be waived for the winner of the contest, Parker said.
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“The winner just needs to have a strong business plan and meet our other lending criteria,” Parker said.
Eligible businesses must be registered with the state prior to submission and established for less than 12 months.
Owners can apply for the contest Oct. 6 through Oct. 17 . For more information and the application go here.