NEW CASTLE – A new revolving loan fund developed by New Castle County, Discover Bank and The Grow America Fund will offer low-interest loans to small businesses, providing beneficial access to capital amid a time of rising rates.
New Castle County Executive Matt Meyer said that Discover and the fund affiliated with National Development Council had approached the county about the opportunity before the pandemic, but at the time capital was readily available and rates were at historic lows.
“There was no business coming to me saying they couldn’t find capital. Now things are changing,” he said. “We are starting to hear that businesses, particularly small businesses, are struggling to get affordable capital; we want to make sure a business that’s healthy has capital to grow.”
Most commercial loans from banks are currently offering interest rates between 6% and 7%, but…