In its 2015-2019 Consolidated Plan for Housing and Community Development, the City of Hickory identified increasing entrepreneurship opportunities as a high priority need. The CDBG Small Business Loan Program provides loans to businesses looking for funding to create jobs and purchase equipment necessary to take their business to the next level.
What is a CDBG Small Business Loan?
According to the US Department of Housing and Urban Development, a responsible entity is allowed to loan CDBG grant monies to a business owner. Since the project will be funded with CDBG funds, all loans must be made to businesses with the intent of creating jobs for low to moderate income individuals. The award will be in an amount up to $20,000 for eligible businesses that create jobs, of which at least 51% are filled by low to moderate income individuals. An individual is considered low to moderate income if their household income is less than 80% of the area median income. In 2018, this is currently $44,000 for a family of four. Please contact the Community Development Division to verify current HUD income limits. (All limits are subject to change as HUD updates their information.)
Small Business Loan Program Guidelines
76 North Center Street
Hickory, NC 28601
Planning Dept. : (828) 323-7422
Office Fax: (828) 323-7550