[Durham INC] Durham Expands Access to Capital for Small Businesses

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CITY OF DURHAM
Office of Public Affairs
101 City Hall Plaza
Durham, NC 27701

News Release


News Media Contact:
Amy Blalock
Sr. Public Affairs Specialist
(919) 560-4123 x 11253
(919) 475-7735 (cell)
Amy.Blalock at DurhamNC.gov<mailto:Amy.Blalock at DurhamNC.gov>
http://Facebook.com/CityofDurhamNC
http://Twitter.com/CityofDurhamNC
http://Instagram.com/CityofDurhamNC
http://YouTube.com/CityofDurhamNC

For Immediate Release: November 28, 2016


Share!  #Durham expands access to capital for small businesses through new Accelerate 60 program http://bit.ly/2gCELC9


Durham Expands Access to Capital for Small Businesses
Accelerate 60 Program Improves Probability of Accessing Capital;
December 9 Program Application Deadline

DURHAM, N.C. - Small business owners interested in expanding their operations should make plans now to apply for an innovative new program designed to help them access the capital they need to grow.

Co-sponsored by the Carolina Small Business Development Fund and the City of Durham Small Business Advisory Committee, Accelerate 60: Meet Your Lender Match in 60 Days<http://www.carolinasmallbusiness.org/initiatives/accelerate60> is a new program that offers an accelerated path for small business owners seeking financing. The program, designed to help improve the probability of accessing capital, is open to any small or medium-sized business with two years of profitable business operations. Participants must agree and commit to completing each phase of the program. Applications can be found on the Accelerate 60 website<http://www.carolinasmallbusiness.org/initiatives/accelerate60> and must be submitted by the December 9 deadline.

Program participants will develop a comprehensive loan package, get a chance to practice pitching to lenders, and then meet privately with a variety of lenders. The program is broken up into four phases over 60 days. In Phase 1, applicants will attend a Small Business Lending Seminar to learn about the commercial lending process. In Phase 2, they will meet with a personal consultant to develop a loan package. Phase 3 will have applicants presenting their loan proposal to commercial lending experts and receiving feedback. In Phase 4, applicants will meet privately with a variety of lenders to present their loan proposal. Phases I, III, and IV will be held at The Frontier at Research Triangle Park<http://www.rtp.org/about-us/the-frontier/>. For more information visit the Accelerate 60 website<http://www.carolinasmallbusiness.org/initiatives/accelerate60> or call (919) 803-1437.

About Carolina Small Business Development Fund
The Carolina Small Business Development Fund<https://carolinasmallbusiness.org/initiatives/accelerate60/> was founded in 1990 to create economic opportunity in communities across North Carolina. The organization provides small business loans and financial training to start-ups and existing business along with lending services to community-based organizations.

About the City of Durham Small Business Advisory Committee
The City of Durham Small Business Advisory Committee<https://durhamnc.gov/462/Small-Business-Advisory-Committee> is comprised of banks, colleges and universities, seasoned entrepreneurs, and other entities that provide financing and technical assistance. Member organizations offer an array of programs and services targeted to small businesses, such as business plan and marketing strategy development, financing, management skills training, and business counseling. The City of Durham Office of Economic and Workforce Development<https://durhamnc.gov/446/Office-of-Economic-Workforce-Development> connects prospective and existing small businesses and entrepreneurs directly to those member organizations focused primarily on technical assistance.

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