Region D Development Corporation
The Region D Development Corporation, Inc. is a non-profit economic development group for Alleghany, Ashe, Avery, Mitchell, Watauga, Wilkes, and Yancey Counties. The Corporation focuses on assisting eligible small business concerns in developing Small Business Administration (SBA) 504 loan packages. The Corporation is a Certified Development Company for delivering the SBA 504 Loan Program and provides staff services to businesses in securing financing under this program. Eligible small business concerns may borrow up to $1,000,000 under the 504 loan program to finance fixed assets, including land, buildings, new construction, renovation, machinery and equipment and leasehold improvements. These assets must have useful life at least 10 years. The 504 share of the total project cannot exceed 40% of the eligible project cost. A minimum of 10% of the financing for the project must be provided by the small business and the remaining 50% from a commercial lender.