Russell cited many start-up businesses and entrepreneurs struggled for investment dollars. Banks, facing stricter regulations and more conservative loan requirements, were, and in many cases still are, reluctant to take risks and make investments needed to jump start area businesses.
In a meeting with N.C. Rep. Rodney Moore of House District 99, Moore suggested contacting the North Carolina Rural Economic Development Center about a special program it is coordinating, CAP (North Carolina Capital Access Program).
CAP is a small business lending program ramping up across the state, managed by the N.C. Rural Center. By reducing risk, it encourages banks and other qualified lenders to consider loans that otherwise fall just outside conventional underwriting standards. To date, 56 banks have enrolled in the program including many with branches in the Lake Norman area.
Fashioned after an earlier successful program, CAP will enable up to $800 million in business lending over the next several years, freeing capital in a tight credit market. NC-CAP is made possible by $46.1 million in federal funding under the federal Small Business Jobs Act of 2010. Gov. Beverly Perdue designated the Rural Center to administer the program in all 100 counties
On Friday, Aug. 26, the Lake Norman Chamber will coordinate a Focus Friday program on CAP from 8 to 10 a.m. program at the Chamber offices, located at 19900 West Catawba Avenue in Cornelius. Several local banks in the region, including Aquesta, BB&T, blueharbor bank, Citizens South, First Citizens Bank and Trust and Piedmont Bank, among others, participate in the program and are expected to be part of the session. Moore is also expected to speak about the program along with Tom Wall, the Associate Director of NC-CAP.
While the meeting is aimed at Lake Norman Chamber of Commerce small businesses, the event is open to any interested business to attend and participate. There is no charge for the program. For more information about the CAP program call the Lake Norman Chamber of Commerce at 704-892-1922.
