What is it?

The Chatham Loan Fund is a revolving loan pool supported by the Chatham County Board of Commissioners to help finance loans to entrepreneurs in Chatham County.  The loan fund is overseen by the Economic Development Corporation and is administered through a partnership with the Center for Community Self-Help in Durham.

Who is eligible?

Any individual or entity that is starting or operating a business, for-profit or not-for-profit, in Chatham County.  Applicants who are eligible for Small Business Admnistration (SBA) guaranteed loans and similar programs are generally not eligible for the Chatham program, unless the fees or other requirements of the SBA make the loan impractical or economically infeasible.

While loans may be made to anyone, particular focus will be on minority- and women-owned businesses, and young entrepreneurs (ages 18-35).

To Apply

To apply for a loan from the Chatham Loan Fund, please contact Self Help to request an application or download an application from their website.  Borrowers will be expected to provide personal financial statements and tax records, business projections, an overview of fund usages, a repayment plan, and a guarantee of personal assets and/or collateral.

Chatham Loan Fund Details

• Interest Rates: Loans will be priced at Self-Help’s premium rates for the type of credit being extended.
• Term of Loans: No restrictions
• Size of Loans: No minimum or maximum; can be combined with other Self-Help funds.
• Special Fees: Standard Self-Help origination fees
• Special Underwriting: Same as all Self-Help loans.   Loans will generally be secured by all available collateral.
• Location Restrictions: Business must be based in Chatham County.

Praise for the Chatham Loan Fund

“Imagine having invested all you have into a product and then having no money left for marketing the product.  That is what happened to me with the COOK ONCE-EAT FOR WEEKS cook-a-long DVD I created in 2008. The Food Fairy, my personal chef business, and I went to Self Help in 2009 for funding.  They said we needed collateral and we had none but were told not to give up hope for Chatham County Economic Development Corporation had funds for a small business like mine.   It felt like the heavens had opened up!  Not only did they fund the loan, they happily and generously helped us throw a launch party and their press release yielded a story about the EDC and The Food Fairy on NBC-17! Who could ask for anything more!”

Terri McClernon, The Food Fairy