frequently asked questions

Business Financing

How much money can I borrow?

NCIC offers Business Loans up to $500,000 although exceptions may be possible for higher amounts.

What can the loan funds be used for?

Loan funds can be used for any commercial business need. Most common types of uses are for real estate, working capital, equipment purchases and business acquisition.

Can I pay off my loan early?

Yes, you can pay off a loan early by increasing your monthly payments or paying off your loan in a lump sum. There are no pre-payment penalties with any NCIC loan products.

How do I apply for a business loan?

Our Business Resource Manager can assist you by phone or in person with any loan or line of credit application. Call us at 802-748-5101 X2021 to discuss the application process or visit our Document Center to download an application.

Fast Loan Program

Who is eligible to apply?

NH and VT for-profit businesses.

Application Requirements

Complete a Small Loan Program application and provide the items listed in Section 2 of the application form. All forms can be found in the documents tab on this website.

Approvals or declinations are typically provided within 3-5 business days of receipt of a complete loan application.

Are there any other requirements?

Personal guaranty from all business owners with a 20% or greater share of the business
Loan payments must be made by ACH
Evidence of business liability insurance prior to close
Corporate Resolution, if applicable, depending on the corporate structure of the business
Additional items, as needed

Professional Assistance

How much grant money can I receive?

Total amount of grant funds is loosely based on the number of employees you have, the area you are located in, and the funds we have remaining.

What can grant funds be used for?

Grant funds can be used for “soft costs” such as website development, marketing assistance, graphic design, branding, training. Funds cannot be used for things such as purchasing equipment, inventory, real estate, construction.

How long does it take to get approved?

Once we have a complete application, NCIC does a review which can typically be completed within a few days. The request is then sent to USDA for concurrence. This process can take a few days to several weeks. Unfortunately, we cannot control their timeline.

How do I apply for grant funds?

Our Business Program Administrator can assist you by phone or in person. Call the office at 802-748-5101 for more information.

Community Development

Can I get a grant to help my business/community/nonprofit?

Maybe. There are hundreds of grant opportunities available that support various business structures and projects. Typically operational funds are not available. Funding may be available to assist you with a new project or innovative idea that you are undertaking, or to assist with the cost of professional consultants. Reach out to us and we can help determine if grant funding is available for your project.

Do you provide grant writing and project management services outside of Carroll, Coos, and Grafton Counties in NH and Caledonia, Essex and Orleans Counties in VT?

Unfortunately, no. With limited capacity, these services are only available within NCIC’s primary six county service area.

I am located outside of NCIC’s primary 6 County service area. Is there anyone else that can help me?

Yes, contact your local Small Business Development Center representative or your Regional Development/Planning Commission. Find your local SBDC Advisor here, or view the RDC map here.

Does my business/community/nonprofit need to have cash available to support our proposed project?

In most cases, yes, you will be required to provide matching funds in support of the project. The amount of match funds required varies by program.

Is there a cost to my organization/town to work with NCIC?

Yes. After an initial no-cost consultation, the standard rate is $125 per hour. In some cases, NCIC receives grant funding that covers this cost for eligible communities or nonprofits. If this fee presents a challenge for your entity, please reach out to NCIC to talk about resources that may be available to cover NCIC’s fees.

Is NCIC subsidized by the State or Federal government?

In short, no. NCIC is a private nonprofit entity which means we are required to earn 100% of our revenues. In some cases, NCIC receives grant funding to pay our staff to deliver a specific set of services to the community.

Business Resource Manager and Commercial Loan Officer

Underwrites and Services Loans

mail@ncic.org

Office: (802) 748-5101 ext. 2021

Aimee Quimby

Business Programs Administrator

Manages Technical Assistance Grants for Small Businesses

aquimby@ncic.org

Office: (802) 748-5101 ext. 2019

Katelyn Robinson

Director of Economic Development

Identifies, Writes, and Manages Grants

krobinson@ncic.org

Office: (802) 748-5101 ext. 2027