The Support Center, a nonprofit that aims to provide loans and financial training to small businesses and start ups, has been awarded a $1.5 million low-cost loan from PNC Bank as part of the organization's participation in a U.S. Small Business Administration pilot loan program.
The funds from the deal will allow the Raleigh-based Support Center to provide loans of up to $250,000 to small businesses through the Community Advantage 7(a) Program, a three-year SBA pilot loan initiative. The program is federally guaranteed and offers funding to small businesses that might not otherwise qualify to receive a loan.
"This will greatly help small companies grow and thrive, spurring local economic growth and creating jobs," said The Support Center's president and CEO Lenwood V. Long.
The Support Center started its lending program in 2010 and was chosen to participate in the SBA's loan program earlier this year.
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