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CU System
N.C. sets 6.5M to insure Self-Helps small-biz loans
DURHAM, N.C. (10/12/10)--North Carolina has set up a $6.5 million Small Business Assistance Fund to insure Self-Help CU in Durham, N.C., as it helps small businesses that might not otherwise qualify to borrow. The fund uses $1.5 million from the North Carolina legislature, plus a $5 million grant from the North Carolina Golden LEAF Foundation (The Fayetteville Observer Oct. 7). The $6.5 million will allow the fund to cover defaults, Dan Gerlach, Golden Leaf Foundation president, told the newspaper. “This enables them to take some of those loans that might be at the edge, might give them enough confidence to take the loan,” he said. Self-Help agreed to leverage the $6.5 million to lend as much as $32.5 million, Donna Flick, an underwriter at the North Carolina Rural Economic Development Center, which is administering the project for the state, told the paper. To read the article, use the link.
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