TARCOG and NCI announce Stronger Together Revolving Loan Fun

Clarion Top News

Thursday, 03 September 2020 09:22

The Top of Alabama Regional Council of Governments (TARCOG) and Neighborhood Concepts, Inc. (NCI) announce their “Stronger Together Revolving Loan Fund Partnership”
The Top of Alabama Regional Council of Governments (TARCOG) and Neighborhood Concepts, Inc. (NCI) are pleased to announce the Stronger Together Revolving Loan Fund Partnership which will increase access to capital to underserved businesses and entrepreneurs in North Alabama who have difficulty securing traditional financing to start, expand, and grow their local businesses that provide jobs and opportunities in our region while also contributing to the quality of life for all.

TARCOG has been strengthening communities throughout its five-county region (DeKalb, Jackson, Limestone, Madison, Marshall) for more than 50 years. This important work is done by obtaining funding for local government assistance and coordinating local governments’ responses to regional issues. TARCOG helps member governments work together to address issues best solved cooperatively, rather than independently. TARCOG also provides services and technical assistance to communities throughout its region in the areas of Aging, Planning, and Economic Development.

NCI is a Huntsville-based non-profit committed to strengthening communities through the development of affordable housing and the promotion of economic opportunities. As part of its economic development work, NCI formed the North Alabama Revolving Loan Fund (NARLF) in 2012 to provide microloans to entrepreneurs and small businesses who create/retain jobs and provide opportunities in underserved communities in North Alabama. To date, NARLF has deployed approximately $ 2.5 million in capital to 70 borrowers in loans ranging in size from $ 10,000 to $ 175,000. In 2015, NARLF was certified as a Community Development Financial Institution or CDFI by the U. S. Treasury, and has remained committed to serving all 11 North Alabama counties in its footprint – which includes all of TARCOG’s five-county region.

More than $1 million will be available to borrowers through this “Stronger Together” partnership, including a $100,000 commitment to businesses locating along, and supporting, the Singing River Trail.