The Albemarle Commission Revolving Loan Fund is a source of lending for businesses that are unable to secure loans via commercial lending agencies or require more than what was provided through a loan. The RLF benefits businesses in the counties of the Albemarle Commission (Camden, Chowan, Currituck, Dare, Gates, Hyde, Pasquotank, Perquimans, Tyrrell and Washington) seeking to start up or expand.

The Albemarle Commission’s RLF is funded by the U.S. Department of Commerce’s Economic Development Administration.

RLF is designed to reduce unemployment by creating or retaining jobs in the 10-county Northeastern NC region. Preference is given to businesses that create the most jobs.

Eligible Borrowers

Eligible borrowers include private, for-profit proprietorships, partnerships or corporations that are located or locating in the 10-county region.

Eligible Expenditures

COG loans may be used for:

  • Land and site improvements , including land acquisition, engineering, legal, grading, testing, site mapping and related costs associated with acquisition and preparation
  • Building improvements , including real estate, engineering, architectural, legal and related costs associated with acquisition, construction, rehabilitation or demolition of buildings (construction must comply with the federal Davis-Bacon Act, requiring all workers performing construction/building improvements to meet federal prevailing wage requirements for the county of activity)
  • Machinery and equipment , including purchase, delivery, installation, engineering, architectural, legal, insurance and related costs associated with acquisition and installation of machinery and equipment
  • Costs contributing directly to the value of the project’s fixed assets , such as sales and use taxes and interest on interim construction financing
  • Contingency reserves
  • Start-up and working capital
  • Infrastructure costs

COG loans may not be used for land banking/real estate investment companies; speculative building and development companies; passive investment companies, such as stocks, bonds and high-yield instruments; lending institutions; nonprofit organizations, associations and corporations; and members of the COG or Loan Review Committee.

Loan Terms

The fund makes loans of $10,000 to a maximum of $100,000 with one job creation or retention plan for every $10,000 borrowed.

  • Repayment: Terms for repayments vary by project. In general, maximum loan terms, based on purpose and collateral, are:
    • Land and building – 20 years
    • Machinery and equipment – 10 years
    • Working capital – 7 years
    • Should a borrower move some or all of the created or retrained jobs out of the service area during the term of the loan, the RLF balance of the loan is due immediately.
  • Interest Rate: The interest rate window is NY Prime plus or minus 4, no lower than 4%, subject to State usury laws.  The rate is fixed in nature and locked in at closing.
  • Collateral Requirements: The collateral requirement is dollar for dollar for RLF. Collateral may include such elements as:
    • First mortgage on real property and improvements
    • Second mortgage on real property of sufficient value to cover the first and second mortgages
    • Security interest on movable machines and equipment, office furniture and fixtures
    • Assignment of patents, licenses and life insurance on key personnel
    • Security interest in personal property or chattel
  • Leverage Requirements: The RLF must be leveraged by two dollars of private financing for every dollar of RLF funds.  The RLF cannot fund more than one-third of the overall project.

For more information, CLICK HERE for the Albemarle Commission’s RLF Guidelines & Policies.


Client Testimonies

CLICK HERE to see how the Revolving Loan Fund Assisted Ghost Harbor Brewing in Elizabeth City.


CLICK HERE for RLF Application Documents.
In addition to the application, applicants must submit:

  • A letter from a commercial bank, savings and loan, or other private lender that conventional sources of financing are not available.
  • Applicant’s Financial History and Projections
  • Prior History of Work Experience – A summary of business and professional experience during the last ten years for administrative and operational management personnel with resumes up to and including the present are required.
  • Applicant’s Parent, Subsidiaries, and/or Affiliated Enterprises – In order to determine the dollar limitation necessary for proper approval of direct and indirect exposure of the borrower to the RLF Program, the borrower shall list all parent corporations, subsidiaries, or affiliates directly or indirectly affiliated.
  • Hazard and flood insurance with other forms of insurance as required by the Commission.
  • A $200 application fee is required upon application submission, which will be applied toward legal fees related to loan preparation for successful applicants. Deposits will be refunded to unsuccessful applicants if no legal costs have been incurred.

Once submitted, applicants are encouraged to make an in-person presentation to the RLF committee.

The Revolving Loan Fund Committee meets the 4th Tuesday of each month.  All applications & supporting materials must be submitted by the 10th of each month.


Emily Nicholson
Business Services Representative & Economic Development Coordinator
Albemarle Commission | Northeastern Workforce Development Board
252.426.5753 ext. 233