Who Is Eligible? Borrowers need to show a history of successful business development, experienced management, solid cash flow projections, as well as collateral to help secure the loan (although there are other programs to help, such as the SBA 7a program, if collateral is the loan’s only major weakness). Personal guarantees are required on large loans, particularly on loans above $100,000. A well-developed business and marketing plan is a plus. Although CMCU/Self-Help does not have a minimum credit score, borrowers with credit weaknesses need to supply written explanations of past problems, as well as a plan for future remediation.
What Activities Are Eligible? CMCU/Self-Help offers personal loans, car loans, small business loans, home loans, and home equity loans. Particular focus is on small business loans to minority- and woman-owned businesses, borrowers in Tier 1 and Tier 2 counties, particularly in the following industries: manufacturing, construction, agriculture, “green” business, healthcare, defense, and aerospace. Self-Help has a long history of serving child cares and charter schools, as well as rural and lower-income borrowers.
How much? Loan sizes range from microloans ($35,000 and under) into the millions of dollars.
Although we offer some special interest rates for child care centers, charter schools, energy efficiency loan programs in Charlotte, etc., our standard rates for business loans are 9.75% for loans under $35,000 and prime (currently 3.25%) plus 1% to prime plus 3% for loans above $35,000. Real estate secured loans at 15-20 years; equipment: 5-10 years; working capital loans at term of up to 7 years. For more information, contact your local CMCU branch or the Self-Help Western Regional Office at 34 Wall Street in Asheville (828-687-1066).
Contact: For information on our microloan program, contact Nikia Sharp at 704-409-5918 or firstname.lastname@example.org. For personal loans or auto loans, contact any CMCU branch. For small business loans, contact Jennifer Sherwin, at 919-956-4472 or email@example.com. CMCU/Self-Help is an SBA 7a and 504 lender, as well as a USDA and New Markets Tax Credit lender.
CMCU, the retail division of Self-Help Credit Union, has new offices at 1911 Hendersonville Road in Asheville, as well as in Hendersonville, Penrose, and Rosman. Click on this website to find the office nearest you: www.self-help.org. Self-Help’s downtown branch is located at 34 Wall Street, 828-687-1066.