New Castle – New Castle County Executive Matt Meyer announced the details for a unique loan program in collaboration New Castle County Council, Discover Bank and The Grow America Fund (an affiliate of the National Development Council). The GROW NCC Fund will work to help small businesses grow in New Castle County. With longer loan terms and below market interest rates, the GROW NCC Fund will help business address critical aspects to achieve success like stretching cash flow and save thousands of dollars with lower monthly payments.
“This is a very exciting program,” said New Castle County Executive Matt Meyer. “I’ve spoken to hundreds of small businesses owners and we believe this program will further increase their continued success.”
"NDC is excited to expand our lending footprint in Delaware with this unique loan program" said Conor McCarthy, Director of Lending. "We look forward to meeting with small businesses in New Castle County and providing flexible, low interest financing to support their business growth."
“Discover is proud to partner with New Castle County and the Grow America Fund on the launch of Grow NCC,” said James J. Roszkowski, President of Discover Bank. “Discover is focused on making a positive difference in Delaware, where many of our employees live and work, and we look forward to seeing this impactful program attract and grow businesses while creating additional job opportunities throughout the County.”
Eligible businesses must have been in operation for at least 2 full years with 10 to 500 full-time employees (subject to the SBA size standards by industry). Real estate investment or development projects and financing entities are not eligible. Loans can range from $250,000 to $1,000,000. However, the amount a business can borrow is subject to underwriting guidelines and availability of funds.
To apply, a representative from the business should call New Castle County’s Office of Economic Development at 302.395.5969.
ABOUT NDC GROW AMERICA FUND
NDC’s work focuses on HOMES, JOBS and COMMUNITY. Founded as a national nonprofit in 1969, NDC has worked for over 50 years fulfilling its mission to increase the flow of capital for investment in low-income communities. NDC directs capital to support the development and preservation of affordable housing, the creation of jobs through training and small business lending and the advancement of livable communities through investment in social infrastructure.