Local Loan Programs
Micro Loan Program
Franklin Southampton Economic Development, Inc., in conjunction with the Suntrust Community Foundation, Franklin Redevelopment Housing Authority, Paul. D. Camp Community College and the Franklin Southampton Area Chamber of Commerce provides a Microloan of up to $2,000 to help create or expand small businesses in the Franklin Southampton area.
To be eligible, you must meet the following criteria:
- own or operate a business within either City of Franklin or Southampton County limits
- maintain a bank account (approval of credit score will be required)
- be at least 18 years old
Priority consideration will be given to economically disadvantaged persons, minority, and women owned businesses qualifying for participation in this program when funds are limited.
To access complete program guidelines, click here:
To complete an application, click here:
Commercial Rehabilitation Loan Program
The City of Franklin has established a revolving loan fund which is to be used for the restoration, renovation, rehabilitation and preservation of commercial buildings within the corporate limits of the City of Franklin. Funds will be limited to physical improvements to the facility. The maximum amount of any loan under this program shall be $35,000. The minimum amount shall be $5,000.
- Must be located within the corporate limits of the City of Franklin.
- The improvements are limited to the cost for the restoration, renovation, rehabilitation and preservation of commercial buildings and structures.
- No refinancing of an earlier low interest loan will be allowed.
- The applicant shall have no current delinquent payments or have had any delinquent payments from a previous loan for one year prior to application.
- The applicant shall be in good standing with the City of Franklin.
Terms and Conditions
- Loans will be made available at a fixed interest rate of 1% above prime per annum.
- The repayment term may vary up to a maximum of 7 years.
- Repayment shall be in equal monthly installments commencing on the first of the month after the project has been completed.
- Up to 10% of the loan may be applied to soft costs for the hiring of an approved architect, architectural designer, interior designer, or contractor to prepare façade improvement plans and specifications.
- Loan applications shall be approved with regard to financial feasibility, collateral requirements and design guidelines as established by a committee appointed by Franklin City Council consisting of a representative of the City of Franklin Department of Community Development, Franklin Southampton Economic Development, Inc., the Franklin Southampton Area Chamber of Commerce, and the Downtown Franklin Association, Inc.
To access the full program guidelines and application, click here: