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From the Triangle Business Journal: Lt. Gov Walter Dalton is moving closer to creating a small business loan fund:

Budget drafters in the NC Senate have included $3 million in the chamber’s $20 billion spending plan for Dalton’s fund. The lieutenant governor wants to leverage that appropriation with additional cash provided the NC Golden Leaf Foundation to make low interest loans to companies struggling with the credit crunch.

The effort, to be called the Small Business Assistance Fund, is modeled after the disaster loan programs the state implemented following natural disasters like Hurricanes Fran and Floyd. Those pots of money were administered by the Small Business Technology and Development Center (SBTDC).

The new fund will provide loans to companies with fewer than 100 employees or annual receipts of less than $1 million. Golden Leaf administrators say they have $5 million set aside for programs such as Dalton’s, but have not yet committed a specific sum.

As an aside, I often work with the local SBTDC, and cannot recommend them highly enough as a resource for start-up or growing businesses. They are a great, free resource for our local business community, and I am glad to see the General Assembly add another tool in their toolbox.

Tags: Lt Gov Walter Dalton, NC Golden Leaf Foundation, North Carolina General Assembly, SBTDC, Small Business Assistance Fund, Small Business Technology Development Center

This entry was posted on Tuesday, April 14th, 2009 at 2:06 pm and is filed under business law, Consumer Law, economy, finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.